Over the past weekend, we have seen significant red numbers in the cryptocurrency market. Out data from Glassnode It appears that investors lost about $7 billion in this crash.
The number 1 cryptocurrency in the world, bitcoin (BTC), even fell below the previous one here all time high around $20,000, a level we hadn’t seen since 2020. Still, the price rose quite quickly and stands at USD 21,500 at the time of writing. Still, not everyone is convinced that bitcoin seems to want to rise again.
In an interview With CNBC, Tom Farley, former president of the NYSE Group, said he thinks bitcoin will hit $17,000. The bottom we recently set is just a good short-term bottom and a good time to get back in, he says.
However, Farley is not the only analyst not ruling out a further decline for the world’s number 1 cryptocurrency.
Gareth Soloway, chief market strategist at InTheMoneyStocks.com, has indicated that bitcoin is still well on track for a correction that will come below USD 20,000 despite the rising price.
He indicates that a possible decline is coming, which is caused by the macroeconomic picture that we currently see in the market.
“It’s important to recognize that it’s very possible that we could go below $10,000. You would rather not see the 2018 and 2019 lows lifted, which were around $3,500. Other than that, this new unprecedented environment for crypto, because of the Fed and what they’re doing, and they’re pulling money and sucking it out of the system, you have to expect it could be a very tough ride,” he said.
Bitcoin Forecasts Analysts From Crypto Insiders
Yesterday our analysts shared another new analysis about bitcoin in the Discord environment of Crypto Insiders† Here we saw that the entry of our previous analysis hit perfectly and that we can move upwards towards our target.
The price also reacted clearly to the dynamic support lines we drew up. This analysis has enabled us to formulate a short and medium term objective.
For the full analysis and all values and price levels associated with the analysis, you can take a look at the Discord environment. Everything is clearly described here. This way you can also get in touch with our analysts who can answer all your questions.