BTC might push higher in the short run, but some analysts warn that the cycle bottom is still ahead.
The United States of America and Iran shook hands on a peace deal, which is about to be officially signed on June 19. The financial and crypto markets reacted positively to the news, with Bitcoin (BTC) spiking to a multi-week high of just over $66,000.
The big question now is whether the leading digital asset can sustain its upward momentum or is gearing up for another pullback.
The Bears Remain in Charge?
BTC’s rebound has drawn significant attention, with multiple analysts speculating on the asset’s next potential move. X user Jelle described the pump as a “big victory” for the bulls, predicting that holding above the $63,000-$64,000 range is “looking rather good for relief.”
Ali Martinez noted that the price has finally broken through the $64,360 resistance level and expects a possible ascent to $67,630 “if momentum holds.”
Nonetheless, many others believe the peace news has triggered only a temporary revival, arguing that the cycle’s floor has yet to be formed. X user symbiote sees the creation of a final bottom at around $50,000, labeling that zone as a buying opportunity.
Niels believes the asset’s valuation could rise to $70,000-$72,000 in the short term, but the 4-year cycle suggests the real pain for the bulls could occur by Q3 this year. “Once BTC makes another lower high, it’ll reverse towards $55K for the cycle bottom,” they added.
Some key factors, including the recent whale behavior, reinforce the bearish outlook. As CryptoPotato reported, large investors have reduced their total holdings by over 70,000 BTC in the past month, signaling weakening confidence in the asset and perhaps preparing for a renewed correction. Moreover, their actions could influence sentiment and lead some smaller players to exit the ecosystem.
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Waiting for These Events
Another popular analyst who touched upon BTC’s latest price movement and gave an interesting prediction for the near future is Ted. The X user outlined the general optimism in the space following the US-Iran peace deal and forecast that staying above $65,000 could lead to a move toward $70,000. As of the moment, though, he doesn’t see “enough real strength to confirm that scenario.”
Ted claimed that BTC’s price will depend heavily on major economic events this week, including the Federal Reserve’s interest rate decision and the possibility of further rate hikes by the Bank of Japan.
The FOMC meeting on June 17 will be the debut of Chair Kevin Warsh, and the expectations are that the benchmark will remain unchanged in the 3.5%-3.75% range. However, investors will closely monitor his speech for any hawkish or dovish signals that might hint at how the central bank plans to guide policy in the months ahead, potentially leading to heightened volatility across the entire crypto market.
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