Friday, June 21, 2024

Analysts caution that the spike in price of bitcoin to $21.8K may just be a fakeout.

With all the turmoil in global financial markets and heavy losses in the crypto sector, rising BTC prices have made traders happy. BTC rose to $21,800, a 7% rise in the last few days. Several analysts are cautioning investors not to get too excited because a downtrend is sure to come soon. Investors were hopeful and happy that the markets and crypto are making gains. July 7th was a positive day for the US markets, in spite of higher jobless claim filings. Financial conditions are pretty tight right now and the Federal Reserve could scale back rate hikes.

Data offered by analyst firm shows that BTC traded close to $20, 400 for most of July 7th and spiked to $21, 860 that afternoon. As many crypto believers try to hang in and navigate market conditions, here are some BTC predictions from multiple analysts. Quite a few believe that the trend is still negative due to a repeat of candle patterns over the last 3 quarters. For those who pay attention to these trends, it is evident that the bottom has not yet been reached.

As for the potential price rise for BTC, if the downtrend keeps going on as it is, the lowest it could be is $12,000. This is the worst price case scenario according to another market expert. Most traders are watching the 200-week MA closely as it is a reliable metric to help in figuring out market lows. This metric is also a good indicator for buying opportunities. Since BTC is now below this metric yet again for the 4th time in its existence, speculators are waiting to see how long it will take to bounce back.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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