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Bitcoin Price Prediction after Friday Slump

On Friday, Bitcoin fell 2.63% to $50,985 (BTC/USD) and brought down much of the crypto market with it.

Since the late hours of Thursday, Bitcoin (BTC) has been declining. As it falls, other major crypto coins are dropping as well. Cardano (ADA) is down 2.5%, with Avalanche (AVAX) falling 2.26%. Even the recently well performing Ethereum (ETH) has dropped 1.75%, along with BNB (BNB) experiencing a drop of 1.81%.

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The crypto marketplace has dipped right as it goes into the weekend, which often indicates a low weekend and hope for a revival on Monday.

The European Central Bank recently stated that Bitcoin has no value and will likely crash soon. That kind of statement from the largest trading block in the world could bode ill for Bitcoin and sink consumer confidence. Even though Bitcoin is the first, biggest, and highest value cryptocurrency, it still has a long way to go to be seen as a viable currency in the eyes of many established financial institutions and many governments.

Where Might Bitcoin Go from Here?

Bitcoin will most likely fall through Friday, heading down toward $50,000 but probably not touching that level. It has been nearly 10 days since Bitcoin fell to $50,000, so we expect it to keep above that point but not to move past $51,500 if it starts to spike.  

Bitcoin is flattening out from its growth that started in the first week of February. Now, it may be due for a bear run next week. It would be bad news for Bitcoin to fall below $50,000, but that is possible if the bears keep at it for more than a few days.

All of that aside, Bitcoin is due for a good 2024, with price predictions placing it at $100,000 or higher before the end of the year. The coin has been resilient for 2024 so far and gained 16%. For the coin to double would require a few good months, but with the mostly healthy crypto market, we think that is possible.  

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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