Bitcoin started the new work week with a slight increase. Do market participants believe that BTC’s positive dynamics will continue?
Popular trader and analyst in the crypto community Rekt Capital believesthat BTC risks continuing to fall. In his opinion, a negative scenario can be realized if the coin loses levels of $25-26 thousand. The wave structure with which Rekt Capital accompanied its Bitcoin forecast does not exclude the cryptocurrency’s descent to $21 thousand.
The negative forecast for Bitcoin was supported by PROFIT BLUE, a popular analyst in the crypto community. He considersthat the technical analysis “head and shoulders” figure formed on the chart indicates the likelihood of a fall in the cryptocurrency.
To those who are waiting for BTC to fall Yoddha analyst joined. His Bitcoin forecast does not rule out the cryptocurrency falling below $20 thousand by the end of 2023. At the same time, Yoddha believes that the fall will allow BTC to gain strength to grow.
YouTuber Crypto Rover, popular in the crypto community, in turn noted that a fall in BTC could open up an excellent opportunity to enter the market.
Crypto investor Lark Davis also sees prospects for strengthening BTC. His positive forecast for Bitcoin is based on the possible impact of uncertainty in the global financial market and tensions in the geopolitical arena on the cryptocurrency rate. Davis believes that the negative news agenda will support market participants’ interest in Bitcoin as a tool for protecting investments.
Crypto investor Karl Runefelt, in turn, advised subscribers to purchase BTC before the approval of a spot Bitcoin ETF in the United States. Let us remind you that Bloomberg analysts predict the launch of the tool at the beginning of 2024. The emergence of a spot Bitcoin ETF in the US, as members of the crypto community think, may become one of the growth drivers for BTC. For example, Crypto Chase trader suggestedthat the approval of the tool, in a moment, will be able to raise the cryptocurrency rate to $35 thousand.
Many members of the crypto community continue to believe that BTC is on the verge of strong growth. One of the arguments that supports a positive forecast for the Bitcoin price is that the market probably does not believe in the prospects for a positive movement. This is a reference to psychology of market cycles.
Comparing the Bitcoin chart with a chart that reflects the psychology of market cycles. Source: X
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
