Bitcoin Recovers Despite Predictions of Plunge to $47,000, Bull Market Expected till 2025


Despite Bitcoin clawing its way back above the $56,000 threshold in the recent hours, the sudden plunge beneath $54,000 on July 5 adds yet another chapter to the dizzying story of cryptocurrency volatility that has been gripping investors. This oscillation fits into a larger backdrop of instability. Over the past seven days, Bitcoin has experienced a 7% slump, a figure which climbs to a daunting 20.25% if one were to consider the last thirty days.

Navigating this turbulent sea of unpredictability, crypto traders and analysts alike, anchored by long-term bullish sentiment, were not taken aback by the swift depreciation in Bitcoin’s price. Noteworthy among the unfazed is the crypto trader known by the moniker of @TheFlowHorse, who revealed that the descent to $53,000 was consistent with his anticipated target of $52,000. In the same vein, Ki Young Ju, Chief Executive Officer at CryptoQuant observed the possibility of Bitcoin slipping even lower, potentially bottoming out at $47,000.

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Despite the bearish short-term climate currently challenging the crypto market, Ki Young Ju maintains his confident stance that Bitcoin still resides comfortably within the bounds of a bull market, and this will persist up through early 2025. Many see eye to eye with this outlook, which strikes a hopeful note amidst the current market unease.

The uncertainty in Bitcoin’s trajectory hinges on the looming specter of Bitcoin’s value sinking as low as $47,000 before it can regain solid ground. The plausibility of such dire prognosis is only heightened, given the longstanding slump the crypto market has been languishing in since the start of June. Bitcoin alone has been hemorrhaging billions in value which has consequently eroded investor confidence.

Exercising caution, Young Ju advises traders to refrain from initiating high-leverage long or short stances solely anchored on his optimistic long-term projection, due to the prevalent uncertainty. His estimation for the zenith of Bitcoin’s price cycle is at a lofty $112,000, a figure derived from the BTC realized market cap dating back to July 2010.

Static figures only tell a portion of the tale. Bitcoin may be currently exchanging hands at $56,520 after bouncing back by 4.67% from its recent dip below $54,000, but the specter of further depreciation hangs like a dark cloud over the crypto markets. Aggressive selloffs from the so-called whales, culminating in a total of over $1.7 billion in Bitcoin over the past thirty days, has fanned the flames of uncertainty. Additionally, the long-dormant crypto exchange Mt. Gox has emerged from a decade of stagnation, announcing plans to restore its creditors their dues paid in Bitcoin. This promises to inject a substantial $2.71 billion supply of Bitcoin into the market, potentially exacerbating the selling frenzy.

A chapter of depreciation isn’t an unlikely forecast. Should Bitcoin tumble to $47,000, it would constitute a 16% decline from its current price. Investors and traders wait with bated breath as the turbulent symphony that is Bitcoin’s price chart continues to play out, particularly given July’s historical reputation as a month of revival. The Bitcoin story is far from over, and only time will reveal the next dramatic twist.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.