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Peterson's predictions come at a time when Bitcoin is trading at around $68,173, about 25% lower than its level at the beginning of the year, according to CoinMarketCap data.
Analysts are divided regarding the expected short-term performance, with M. N. Trading Capital founder Michael Van De Bop predicting a positive week for Bitcoin, indicating the possibility of ending the month with a strong candle after a streak of five red months.