6 Bitcoin Analysts Identify 4 Levels and Bottom Price to See!
Is Bitcoin (BTC) the leading cryptocurrency heading towards new lows? Cryptocurrency analysts and investors shared their current expectations for BTC prices. we convey the expectations of the analysts for the Bitcoin price.
Experts discussed the factors affecting Bitcoin price
Bitcoin investor Cathie Wood drew attention to the news that Ark Investment Management bought $ 1.5 million from Grayscale's Bitcoin Trust (GBTC). Wood said that on the day that coincided with the same time frame, the BTC price turned green. Bitcoin (BTC) is trading at $16,565, up 5.47 percent in the last 24 hours. Leading cryptocurrency BTC dropped to a two-year low of $15,480 on Monday as concerns over the future of Genesis emerged in the market.
Edward Moya, an analyst at currency broker Oanda, shared on Tuesday.
Moya said that if BTC fails to maintain the support at $15,500, it will drop to this level.
Moya, an analyst at Oanda, states that a recovery on Wall Street could provide support for Bitcoin to remain stable. However, he notes that the scenario “seems unlikely” as the bear market in equities has not yet bottomed out. The S&P 500 index rose 0.7 percent on Tuesday. As a result, it rose 3 percent last month after the better-than-expected October inflation data were released. But Goldman Sachs analysts warn of “possibly volatile and bearish” moves for equities in the short term.
It looks like crypto investors are already pricing in a bankruptcy for crypto company Genesis. Bitcoin has support above the $15,500 level. Additionally, if it fails to protect this area, the price could decline towards the $13,500 level. The Fed's latest speech taught us nothing new. The labor market is a major concern for the Fed, and Mester also pointed out that labor demand still outpaces supply. However, recent trends suggest that the labor market is showing signs of decline. Bitcoin could continue to stabilize here if Wall Street rallies. This bear market hasn't bottomed out yet.
Analysts say the FTX crisis is pushing the industry
On Monday, Genesis announced that it "has no plans to file for bankruptcy any time soon." The Wall Street Journal has suggested that Genesis is seeking funding from Binance and Apollo Global Management. He also stated that the leading crypto exchange Binance refused to invest, citing potential conflicts of interest. Genesis is one of the companies within the Digital Currency Group.
At the same time, analysts state that the FTX crisis that shook the industry will affect the declines in the crypto markets for a while. Julius de Kempenaer, senior technical analyst at StockCharts, has this to say about the market:
The market is currently in the process of digesting events.
Kempenaer said it is possible for BTC to drop further, likely to go to $12,500 by the end of the year. According to Kempenaer, big events in the markets can go two ways for prices:
It can go down very quickly, the market will reset as the market digests what happened. Or the market needs time and it will move sideways and maybe drop a little more. My guess is that Bitcoin price will continue to trade between $12,500 and $18,000.
Analyst Poppe, who correctly predicted decreases in Bitcoin price, commented
Cryptocurrency investor Michaël Van de Poppe says that BTC “continues a little more in this region.” Besides, Poppe says that Bitcoin “must gain some more levels to show serious strength.”
Markets still depend on the overall situation. But short liquidations go above $17,000. It's a good chance for us to see the Bitcoin price go higher from here afterward.
Santiment draws attention to the general situation of the markets
Market intelligence platform Santiment says the word “dead” has been circulating in cryptocurrency discussions since November. According to Santiment, the cryptocurrency market in general is going through a stable or sluggish period. Accordingly, the following was stated on the subject:
More bearish, as one of the sentiment words, is a sign that investors are giving up on the markets' recovery. Ironically, the capitulation we see as a result is historically when markets have recovered.