As the markets tumble and uncertainty reigns supreme, one analyst sees the winds of change blowing through Bitcoin land. But will it be a hurricane or a gentle breeze?
Currently, Bitcoin hovers slightly under the $60,000 mark and appears to be trending downwards. Some investors anticipate that the bulls might return and push Bitcoin up to regain significant resistance points over the next few days. However, a particular analyst on platform X maintains a bearish outlook
Bitcoin Must Clear This Level For Bulls To Take Over
According to the analyst, the market’s short-term momentum favors buyers, but this could change if there is a sudden shift in the trend. If the bears keep on struggling, the prices will keep falling, as per the forecast
Essentially, Bitcoin’s current trend shows signs of a downturn, or a ‘bear market’. Despite brief periods where it seems stronger, the price hasn’t been consistently high enough to surpass levels like $60,000 and stay there
Looking ahead for a short period, the potential support level is around $49,000, which was previously established in August. Conversely, on the higher side, traders need to regain momentum and push prices back above $72,000
It is this state of price action that’s slowing down bulls. Because of this, the analyst is bearish, claiming that the short-term trend will change only when BTC floats above $68,000.
Given that prices are around $10,000 short of this potential turning point, it could prove challenging for bullish investors to remain hopeful
If the buyers can’t surpass the resistance trend line, especially moving beyond the $72,000 mark, the analyst anticipates that the price may keep falling
For now, the reaction between $55,000 and $60,000 could shape the medium-term trajectory. A sharp crash below $55,000 may trigger a panic sell, accelerating the dump toward August lows.
Eyes On Inflation, The United States Federal Reserve, and Spot ETFs
“According to experts, the primary drivers of U.S. prices are set to provide support in the upcoming weeks. The top of the list is the recent evolution of inflation in the United States. As this key indicator decreases, the United States is expected to lower interest rates for the first time in over two years this fall.”
If the expansion of crypto prices after the intervention in 2019 through 2020 is anything to go by, Bitcoin prices will likely benefit.
Following the approval of Spot Bitcoin ETFs in January, it’s expected that these increased valuations will attract institutional investors. Consequently, this influx could propel Bitcoin to new record highs, providing much-needed reassurance for its holders. As per Soso Value, U.S.-based issuers of Spot Bitcoin ETFs currently manage over $52.6 billion in Bitcoin assets
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2024-09-05 15:12