Bitcoin is predicted to fall below $ 25,000 in the near future

Cryptocurrency analyst CrediBULL Crypto has predicted a short-term drop in bitcoin below $ 25,000 in the near future. According to him, bitcoin was trading under a significant resistance zone, and the level of total open interest (TOI) below this level can be considered a dangerous zone.

CrediBULL Crypto published a chart that highlighted critical areas that allowed it to make a forecast. The most important indicator was the level of open interest, which has many opportunities for the realization of a short-term downward price movement.

According to the analyst, everything indicates that the price of BTC will fall along with the OI until it reaches the bottom at the support level of about $ 25,000.

It is worth noting that in May, for the first time since last year, the flagship cryptocurrency ended the month with losses — the value of bitcoin fell by about 8% over the month. The March banking crisis in the United States, as well as the Federal Reserve’s rate hike, had a significant impact on investor behavior. Even a surge in targeted activity on the bitcoin network in May failed to have a positive impact on the value of the cryptocurrency, Bloomberg analysts say.

As for other analysts' opinions on the future of BTC, Dan Tapiero, co-founder of 10T Holdings and Gold Bullion International, said that the bearish phase of the crypto market is over and predicted an «explosive rally.» «We are likely to see new highs in the second half of 2024 and 2025. And I think that during this bullish phase, the total capitalization of the crypto market will reach $ 6−8 trillion ,» the expert said.