According to Keith Alan’s forecast, there is a chance that Bitcoin will test a new price low in the next few days. At the same time, according to the businessman, as long as the monthly candle closes within the red rectangle, the upward trend in value continues.
“With the presidential debate and new US inflation data, as well as daily, monthly, quarterly and six-month candlesticks all closing on Sunday, I expect more Bitcoin volatility for the rest of the week.”
The co-founder of Material Indicators warned market participants that large traders could move significant amounts of liquidity in an attempt to influence the price movement of the first cryptocurrency. According to Keith Alan, Bitcoin must hold the support level of $56,500 to maintain the upward trend until the end of July. Otherwise, the asset will remain in the current range for the short and medium term, the analyst emphasized.
Earlier, the head of research at Galaxy Research, Alex Thorn, said that unlocking the assets of the bankrupt MtGox exchange and returning them to customers would not put significant pressure on the Bitcoin rate.
Source: Bits
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