Bitcoin is consolidating and has been since its last all-time high in March.
Because of this, analysts are divided over its short to medium-term price action.
While some of them predict that a bull run is incoming amid consolidation and the cryptocurrency's "gross underpricing."
Others believe more corrections are incoming, which could last several more months.
Overall, the bullish Bitcoin predictions seem to be louder than the bearish ones.
As Bitcoin continues to taunt investors with ups and downs, analysts are sharing more and more predictions about the cryptocurrency's price movements.
Here’s everything to know about Bitcoin’s incoming bull runs, undervaluation concerns and possible bearish targets.
Here are the top three predictions that could shape the market’s direction in the coming weeks.
The first prediction on the list is from crypto entrepreneur and analyst Michaël van de Poppe.
According to the analyst, Bitcoin is on the verge of a massive bull run. In fact, the ongoing consolidation phase is nearing its end, and we might be seeing an incoming rally that could last for at least two years!
However, as with everything else in the crypto market, the road from "here to there" is rarely a straight one.
Van de Poppe believes that we might see a small but final correction before the bull run—a dip to $53,000 before it "clearly breaks back upwards."
He believes that this correction will mark the end of one of the most frustrating periods in BTC's recent history.
Interestingly, van de Poppe made this prediction on Friday last week.
On Saturday, Bitcoin hit a bottom of $52,550 and is now correcting itself upwards with a current price of $55,430.
An earlier post from the analyst also showed that the worst-case scenario for Bitcoin would be one last dip to between $45,000 and $50,000 before the final upswing, as favorable macroeconomics like the weakening economy and upcoming rate cuts start to fuel the bull market.
As the US prepares for a busy week of economic reports and the Harris-Trump debate, some analysts are starting to argue about Bitcoin being "undervalued" at current price levels.
This outlook came from Presto Research analysts Peter Chung and Min Jung, both of whom believe that Bitcoin is lagging behind in terms of intrinsic value, especially in terms of network security.
The BTC hashrate has recently reached an all-time high of 679 exahashes per second (EH/s), which means that it is by far the most secure blockchain in the world.
This alone is a key factor that should bolster Bitcoin's value but is largely ignored by the market.
Bitcoin is grossly undervalued.
The Presto Research analysts believe that sooner or later, some of these intrinsic features of the flagship cryptocurrency will begin to show up, fueling one of the biggest bull runs ever seen.
In the meantime, not all analysts share the same bullish outlook.
According to Alan Santana in a recent post on TradingView, Bitcoin's current correction phase may not be over.
In fact, we might see further losses below the $50,000 mark.
Bitcoin’s Capitulation Event on the Horizon
In the post, Santana described Bitcoin's current behavior as part of a "capitulation event," where prices are driven lower by fearful selling.
He believes that this correction (which has been ongoing for several months) could continue for another seven to nine months.
Even worse, Santana believes Bitcoin might face more downward pressure before making any sustained recovery.
However, despite the ongoing correction, Santana remains optimistic about the altcoins’ potential in the long term.
He maintains that more and more investors who entered during the initial hype of the spot Bitcoin ETFs might be forced to capitulate during this correction, driving prices lower and lower.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.