Many analysts agree that in the long term, Bitcoin is expected to grow. However, they disagree when it comes to when the cryptocurrency will leave its current consolidation. Timothy Peterson, Founder of Cane Island Alternative Advisors, believes that there's a 50% probability that the cryptocurrency will be cheaper than $25,000 in September.

Peterson's forecast refers to a traditionally gloomy September, which has ended down by an average of 5.9%.

According to the analyst, this will be the last dive before the new bull cycle. Still, the situation may worsen, given that Binance and Changpeng Zhao will face charges from the US Department of Justice.

The lawsuits may lead to a minor panic in the market, resulting in altcoins being sold off in favour of stablecoins and the outflow of Bitcoin to cold wallets increasing. The latter trend was observed when the third-most-visited crypto exchange, FTX, collapsed.

But one should remember that it may take a while to go from charges to a court outcome. During this time, the parties may come to an agreed settlement, and there could be a lot of positive developments in the world of cryptocurrencies.

The latter may include the potential approval of the launch of Bitcoin and Ethereum spot ETFs in the US. FS Insight forecasts Bitcoin reaching $180,000 in 2024 if the ETF is approved. 

Growth will be driven by anticipated demand from institutional investors for an additional $100 million per day. The halving will cut the offer to ~$13 million per day. The balanced price, in this case, is located in the range of $140,000 to $180,000 per coin.

The impact of halving and the 4-year cycles caused by it can be observed in a chart from Root.

Within the concept's framework, Bitcoin may return to the realised price level before experiencing a long rise in 2024. According to LookIntoBitcoin, that level is $20,400.

StormGain Analytical Group 
(platform for trading, exchanging and storing cryptocurrency)