The chances of Bitcoin surpassing its all-time high of $109,000 by June are favorable, but the market first needs time to absorb volatile macroeconomic conditions, says Swan Bitcoin CEO Cory Klippsten.
“I think there’s more than 50% chance we will see all-time highs before the end of June this year,” Klippsten told Cointelegraph.
However, he said that market participants first need to adapt to US President Donald Trump’s tariff threats and the uncertainty around inflation rates.
Markets need time to digest
“The market needs to first digest tariffs, trade war fears, and growth scare fears. Bitcoin trading below $100,000 right now feels like a pause, not an end to the bull run,” he said.
At the time of publication, Bitcoin was trading at $88,210, down 4.9% over the last day, CoinMarketCap data shows. Bitcoin has dropped almost 14% since Trump announced import tariffs on goods from China, Canada, and Mexico on Feb. 1.
Bitcoin is trading at $88,210 at the time of publication. Source: CoinMarketCap
Klippsten said Bitcoin’s momentum from its first-ever break above $100,000 in December 2024 hasn’t “entirely faded,” and institutional demand “hasn’t gone away.”
“The macroeconomic uncertainty — geopolitical tensions, inflation fears, and Fed policy shifts — is definitely creating noise, but I’d argue it’s mostly short-term.”
“We’re in a consolidation phase now, but I don’t see it stretching into long-term sideways movement,” Klippsten said.
After Bitcoin hit an all-time high of $73,679 in March, it consolidated within a broad range of $53,000 to $72,000 for the next eight months. It then reclaimed that level after Trump was elected in November and surged to $100,000 the following month.
Bitcoin may bounce between $85,000 to $95,000 for some time
Bitcoin dropped to a low of under $85,000 shortly after Trump signed an executive order creating a Strategic Bitcoin Reserve.
Trump’s order fell short of market expectations as it only confirmed that most Bitcoin held by the US government would not be sold and didn’t give a clear timeline as to when it would acquire more, nor how much it was looking to buy.
Related: Bitcoin price metric that called 2020 bull run says $69K new bottom
Following Bitcoin’s price slide, network economist Timothy Peterson told Cointelegraph that based on historical patterns, it is likely that Bitcoin will bounce between $85,000 and $95,000 over the next six to twelve weeks before “slowly” trending up to over $100,000 again.
Bitwise Invest CEO Hunter Horsley isn’t overly concerned by Bitcoin’s price drop following the Strategic Bitcoin Reserve announcement, pointing out that a similar drop occurred after the launch of spot Bitcoin exchange-traded funds (ETFs) in January 2024.
“Bitcoin sold off on Bitcoin ETFs launching. And then went on to a new ATH. Traders gonna trade,” Horsley said in a March 7 X post.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
