As a seasoned researcher with over two decades of experience in financial markets, I have witnessed my fair share of volatility and market swings, both in traditional assets and cryptocurrencies like Bitcoin. The recent plunge in Bitcoin’s price to $57,000 is not unfamiliar territory for me, but the sheer speed at which it occurred has caught my attention.
As a market analyst, I’ve observed an unusual surge in volatility with Bitcoin, the front-runner in the cryptocurrency sector. Intriguingly, it dipped to a daily low of $57,002 during trading hours.
Over the last 24 hours, I’ve observed that over $120 million in cryptocurrencies have been liquidated, as per the data from CoinGlass.
Anonymous Bitcoin dealer known as @Alejandro_XBT, with over 120,000 fans on a specific social network, forecasts that the value of Bitcoin might reach or even surpass $30,000.
In simpler terms, the analyst has noticed similarities between Bitcoin’s recent market behavior and what we might expect in 2022. But it’s important to mention that the collapse of FTX had a strong negative impact on the market, causing many to fear for the industry’s stability. A similarly shocking event, or another “black swan,” would be needed to drive Bitcoin prices down as severely as they did then.
Lately, the price of Bitcoin dropped down to approximately $49,000 as a result of spillover effects from international stock markets. Yet, Bitcoin quickly regained its footing and rebounded within a brief period, coinciding with stocks since the market downturn was brief and short-lived.
Nevertheless, Bitcoin could not establish itself beyond the $60,000 mark, instead experiencing intense bouts of selling, yet again.
Specifically, JPMorgan cautioned traders against excessive enthusiasm regarding the latest price surge, as they saw no clear positive factors capable of maintaining the upward trend.
In the coming month, it’s anticipated that the U.S. Federal Reserve will eventually lower interest rates for the first time. This action could bring a sense of positivity to the market.
According to U.Today’s report, well-known commodity trader Peter Brandt anticipates that the value of cryptocurrencies might reach as high as $90,000 in this cycle, given historical trends.
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2024-08-15 23:17