Crypto users are divided on whether Bitcoin will surge to an all-time high or again drop below the key $100,000 mark as the broader market is trading sideways, according to a recent poll on X.
Crypto pundits asked what’s next for Bitcoin (BTC) — $94,000 or $114,000 — split nearly evenly, with 50.2% predicting a drop to $94,000 and 49.8% expecting a rise to $114,000, according to the poll on Thursday by crypto analyst Matthew Hyland that gathered over 1,300 votes.
Sideways market takes a toll on crypto sentiment
Bitcoin is currently trading at $104,522, and a drop to $94,000 would mark a 10% decline, while a rise to $114,000 would mean an approximate 9% gain and a new all-time high, surpassing the previous high of $111,940 set on May 22, according to CoinMarketCap data.
Bitcoin hasn’t touched the $94,000 level since May 6, shortly before it broke back above $100,000 on May 8 for the first time in three months.
It comes after Bitcoin briefly reclaimed $110,000 on June 11, leading to renewed hopes of new highs. However, escalating geopolitical tensions — triggered by Israel launching airstrikes on Iran last Thursday — caused Bitcoin to drop to $103,000.
The tensions have only been mounting since, with US President Donald Trump calling for Iran’s “unconditional surrender” and threatening Iran’s supreme leader, Ayatollah Ali Khamenei.
The ongoing sideways price action has dampened overall crypto market sentiment. In its June 20 update, the Crypto Fear & Greed Index flipped from “Greed” back to “Neutral,” posting a 54 out of 100 score.
Broader financial markets are also sideways
The S&P 500 is also trading flat, and is down 0.48% over the past five trading days to June 18, according to Google Finance data.
Meanwhile, shares in Michael Saylor’s Strategy (MSTR) have dropped 2.43% over the same period and 10.74% over the past 30 days.
Related: Bitcoin ‘weak hands’ sell 15K BTC at a loss: Are BTC lows under $100K next?
However, US-based spot Bitcoin exchange-traded funds continue to see inflows. The funds recorded $388.3 million in inflows on Wednesday to make it eight consecutive days of fresh capital.
Bitcoiners unsure whether bear markets are still a thing
Saylor said on June 10 that the bear market will not return for Bitcoin, but other analysts are not so sure. Crypto trader Rekt Capital recently said, “It’s very likely one will occur after this Bull Market.”
Some crypto analysts are placing bets that Bitcoin will be trading within the $130,000–$135,000 area in Q3.
BitMEX co-founder Arthur Hayes has firm hopes for Bitcoin to reach $250,000 by the end of this year.
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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.
