“Don’t be fooled by a drop in Bitcoin price as it is expected to rise by more than 40%,” some analysts say

Bitcoin’s price (BTC) fell about $ 5,000 after breaking its all-time high to hit nearly $ 70,000. However, analysts do not see the short pullback as a reversal of the uptrend.

On the contrary, the decline is seen as breathing space for the bulls, who will limit themselves to resting and then regaining control of the market.

For the analyst Jonathan Morgan by FXStreet, Investors shouldn’t be fooled by the small pullback and believe it will fall below $ 60,000. It indicates that Bitcoin’s price closed more than 5% lower, but buyers intervened to keep the Tenkan-Sen (remodeling line) as support.

“Bitcoin price has shown resilience and conviction since hitting new highs. There were major concerns that Bitcoin could see a robust corrective move below the $ 60,000 zone due to Ethereum’s rejection of new all-time highs. But that didn’t happen. If buyers can keep Tenkan-sen as the main support zone, the next time will be a move toward $ 70,000, ”he said.

“Don’t be fooled by a drop in Bitcoin price as it is expected to rise by more than 40%,” some analysts say
“Don’t be fooled by a drop in Bitcoin price as it is expected to rise by more than 40%,” some analysts say

However, he does indicate that investors should be cautious towards the weekend.

“Weekends are famous for price movements and big sales, especially on Sundays. Look for sustained eruptions below the Tenkaan-sen to test the Kijun-sen (baseline) near the $ 55,000 zone, ”he said.

Bitcoin price

Edan Yago, A contributor to the Bitcoin protocol DeFi Sovryn remains optimistic about Bitcoin as well, saying that There are currently no factors that justify a drop in the price of the cryptocurrency.

“As big as BTC is now, it’s only a fraction of what it will be. An entire economy without borders is powered by healthy money. An economy that is much bigger than our current global economy. Why is that?” BTC finally brings property “rights and economic access to billions of people.”

Ruud Feltkamp, ​​CEOCryptohoppers meanwhile believes that market volatility will re-emerge, Instead of going under, however, it will make a great Christmas present for Bitcoin investors.

“As expected, Bitcoin has hit its all-time high. The long volatile upward path is expected to begin now that I expect Bitcoin to peak around Christmas. We often see that when Bitcoin makes one move, Altcoins follow in the next.” ” two weeks, which could explain the recent rise in ETH and Solana.

BTC price in 100,000 USD

Mikkel Morch, However, ARK36’s General Director and Risk Management advises that While a new all-time high is always a good time to pause and celebrate for Bitcoin bulls, it’s important to realize that the second leg of this bull market has actually only just begun.

“More specifically, Bitcoin has ridden a wave of extremely positive fundamentals in the past few weeks, and network data shows a much stronger setup for a continuation of the uptrend than it did at its all-time high in April.

In particular, up to 85% of the more than 18 million bitcoins in circulation have not moved in the past three months as long-time holders have been piling up in anticipation of strong BTC performance in the fourth quarter and beyond. This creates the perfect conditions for a reduced supply scenario, ”he said.

Hence, in his opinion, in general we are entering completely new territory with Bitcoin in pricing mode, where even a price of 100,000 USD is no longer off the table.

“However, as markets rise, so does volatility and investors need to be more aware than ever of the risk associated with investing in digital assets.”

FOMO

The fomo (fear of missing out) caught the institutional market like that Martha Reyes, Head of Research at BEQUANT. For them, the upward trend is likely to continue, as the launch of the ETF in the USA created the perfect climate to stimulate the “institutional Fomo”.

“The launch of the Bitcoin Futures ETF in the US is a game changer that we have been waiting for for years. The $ 1 billion traded on day one was surprisingly high, suggesting strong underlying demand for a vehicle. Even so, easily accessible high costs, and we’re not even talking about a cash ETF. The underlying trade will support the spot market. It has certainly created a snowball effect for institutions and retailers. “

For the Brazilian Lake Tasso, Founder of Financial Move, The introduction of the Bitcoin ETF in the US is very important for the market and has a positive effect on the price of Bitcoin.

“This ETF allows traditional investors to invest in the market, which is great because it brings in more money and new investors. By simplifying access, it opens the door to the cryptocurrency market for new investors.

Due to supply and demand and the more investors buy, the asset tends to appreciate more. Bitcoin was already in an upward cycle and the anticipation for this start was great. This moment is unique and represents a historic milestone in the market. I think Bitcoin has the potential to exceed $ 100,000 in the next few months, ”he notes.

The positive scenario in the price of Bitcoin is also a highlight for Nicholas Cawley, DailyFX analyst. According to him, it’s not often that bitcoin traders sit quietly in the pot of gold, but that’s the case today as all eyes are on the U.S. bitcoin ETF.

“Now that these futures-based Bitcoin ETFs are approved, the market will soon turn its attention to Ethereum ETFs, and most importantly, retail-based Bitcoin ETFs. Yes. The latter are approved, further increases in Bitcoin are likely in the coming months. ” “

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