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Has Bitcoin Lost Its Momentum after a Slow Week?

Analysts predicted that Bitcoin (BTC) would reach $100,000 and $150,000 this year, but can it still do that after moving very little last week?

Bitcoin peaked above $47,000 yesterday

Over the last seven days, Bitcoin has lost 1.76%, which could hurt its short term prospects. This was supposed to be the token that helped propel cryptocurrency to new heights in 2024, and a slow week may cause some investors to lose interest in long term trading.

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Bitcoin may have gained 25% over the last month, but the most recent week has seen the coin lose steam and move very little. Ethereum (ETH), on the other hand, gained 5.62% over the last week and is carrying a lot more momentum.

Many analysts expect a bull market to take off this year, and it could happen soon. However, that may be led by underappreciated cryptos that do not get Bitcoin’s coverage. As these lesser known cryptos skyrocket, they could lead to a market resurgence. Where does that leave Bitcoin?

Bitcoin Price Prediction

One week will not make much difference in the long turn. Even though this week was slow, the previous weeks for 2024 have been very good for Bitcoin.

This is a long-term investment coin with the potential for plenty of growth, and we have already seen some of that evident this year. Bitcoin started off 2024 at $44,187, and it is now sitting at $51,245 per coin. That nearly 16% increase bodes well for this coin and its prospects for 2024.

What is newsworthy about this previous week is that even though Bitcoin didn’t move much, it retained its previous gains from the recent bull run. That is very promising and could help propel Bitcoin to a new all-time high for 2024. We still think the coin could potentially reach $100,000 before the year is over, and many analysts agree. Bitcoin is looking strong this year as is the larger crypto currency market.

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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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