Bitcoin Enthusiasts Split Over 10% Price Drop or 9% Gain

Bitcoin enthusiasts are divided over the cryptocurrency's next price movement, with opinions split between a significant rise to $114,000 and a decline to $94,000. A recent poll gathered over 1,300 votes, with 50.2% predicting a drop to $94,000 and 49.8% expecting a rise to $114,000. This divergence in sentiment comes as Bitcoin's price has been trading sideways, with no clear direction in the near term.

The split in opinion highlights the uncertainty surrounding Bitcoin's future price movements. Those who predict a rise to $114,000 may be basing their expectations on factors such as increased institutional adoption, regulatory clarity, or technological advancements. On the other hand, those who anticipate a decline to $94,000 may be concerned about potential regulatory crackdowns, market manipulation, or a broader economic downturn.

The current sideways trading of Bitcoin adds to the uncertainty, as it makes it difficult for traders and investors to predict the next move. This lack of direction can lead to increased volatility and market sentiment, as traders and investors try to position themselves for the next big move. Bitcoin is currently trading at $104,522, and a drop to $94,000 would mark a 10% decline, while a rise to $114,000 would mean an approximate 9% gain and a new all-time high, surpassing the previous high of $111,940 set on May 22.

Bitcoin hasn’t touched the $94,000 level since May 6, shortly before it broke back above $100,000 on May 8 for the first time in three months. It comes after Bitcoin briefly reclaimed $110,000 on June 11, leading to renewed hopes of new highs. However, escalating geopolitical tensions — triggered by Israel launching airstrikes on Iran last Thursday — caused Bitcoin to drop to $103,000. The tensions have only been mounting since, with US President Donald Trump calling for Iran’s “unconditional surrender” and threatening Iran’s supreme leader, Ayatollah Ali Khamenei.

The ongoing sideways price action has dampened overall crypto market sentiment. In its June 20 update, the Crypto Fear & Greed Index flipped from “Greed” back to “Neutral,” posting a 54 out of 100 score. Broader financial markets are also trading sideways, with the S&P 500 down 0.48% over the past five trading days to June 18. Meanwhile, shares in Michael Saylor’s Strategy have dropped 2.43% over the same period and 10.74% over the past 30 days.

Some crypto analysts are placing bets that Bitcoin will be trading within the $130,000–$135,000 area in Q3. BitMEX co-founder Arthur Hayes has firm hopes for Bitcoin to reach $250,000 by the end of this year. However, US-based spot Bitcoin exchange-traded funds continue to see inflows. The funds recorded $388.3 million in inflows on Wednesday to make it eight consecutive days of fresh capital.

Bitcoin enthusiasts are unsure whether bear markets are still a thing. Michael Saylor said on June 10 that the bear market will not return for Bitcoin, but other analysts are not so sure. Crypto trader Rekt Capital recently said, “It’s very likely one will occur after this Bull Market.”

The divide in opinion among Bitcoin enthusiasts is not surprising, given the cryptocurrency's history of price volatility and unpredictability. However, it is important to note that these opinions are based on speculation and may not necessarily reflect the actual price movements of Bitcoin. As such, it is important for traders and investors to conduct their own research and analysis before making any investment decisions.