This has bitcoin currently trading at $104,522 as it dances around a sideways trend while analysts debate its next big price move. The cryptocurrency has seen a drop of 2.09% during the last 30 days. On May 8, it blasted above $100,000 once again, doing so for the first time in three months. The market sentiment is still split, with some forecasting a bottoming out at $94,000, while others see it jumping all the way up to $114,000.

Market Performance and Geopolitical Impact

Bitcoin's journey has been marked by volatility. Just briefly touching above the $94,000 mark on May 6. Then, with escalating geopolitical tensions — triggered more so than anything by airstrikes ordered by Israel on Iran — Bitcoin came crashing down to $103,000.

Currently, Bitcoin is trading at $104,522. The decrease to $94,000 would be a 10% decrease. If the price increases to $114,000, that would represent an about 9% increase. If realized, this increase would mark a new all-time high, surpassing the previous peak of $111,940 set on May 22.

Expert Opinions and Market Indicators

BitMEX co-founder Arthur Hayes maintains a bullish outlook, expressing confidence in Bitcoin reaching $250,000 by the end of this year. This bullishness is further reflected by the record inflows into US-based spot Bitcoin exchange-traded funds.

These funds have seen $388.3 million in inflows as of Wednesday, which represents the eighth straight day of new capital infusion. As mentioned above, all this extra capital helped Bitcoin’s price rise $84,735 to $104,950 (+24%).

All is not as sanguine as the headlines would have us believe. On June 20, the Crypto Fear & Greed Index moved from “Greed” to “Neutral.” It barely passed with a 54 out of 100 points. Bitcoin ‘weak hands’ said to be resulting in the sale of 15,000 BTC at a loss. This policy shift is an indication of the greater market fear at play.

Long-Term Outlook and Market Sentiment

Even with all the economic musings, recent short-term volatility and conflicting market indicators, some crypto analysts continue to have a long-term bullish view on Bitcoin. It was a bold claim for him to make on June 10 that there would be no bear market return for Bitcoin.

It may not be the case, if crypto trader Rekt Capital’s prediction turns out being crystal clear — cycles are here to stay.

"It's very likely one will occur after this Bull Market" - Crypto trader Rekt Capital