Bitcoin investors are experiencing an uncertain market as the cryptocurrency trades below the level of “indecision” and hovers around $30,000. So what’s next? Here are the expectations of three market analysts…
DonAlt: Bitcoin could drop to $20,000
Anonymous analyst DonAlt warns that Bitcoin could be at the stage where the market is bleeding out all leveraged traders and could drop as low as $20,000 before continuing its macro bullishness. DonAlt also warns that Bitcoin could penalize leveraged traders as long as BTC hovers above $20,000 but below $30,000.
Cheeky Crypto also expects a drop in BTC
In addition, popular and anonymous cryptocurrency analyst Cheeky Crypto predicts that Bitcoin could drop below $25,000 in line with the Elliott Wave theory. Cheeky Crypto suggests that the Bitcoin price could be at the peak of the third wave, which has the potential to push the Bitcoin price below $25,000.
Also, the crypto market has been painted red as top tokens face massive sell-off as Bitcoin drops below $28,000 but remains stuck in the same regions. Despite this bearish outlook, analysts believe that the flagship cryptocurrency can recover from levels around $27,500 and quickly rise above $29,000.
Michael van de Poppe: BTC will continue to rise
According to Michael van de Poppe, a well-known analyst, BTC price is predicted to continue a healthy rise, but the initial drop is expected to attract significant liquidity that could aid the rally. Van de Poppe warns that the market may remain volatile over the next few weeks as numerous events, such as the Fed’s announcement of new interest rates, US nonfarm payrolls, and US CPI and PPI rates, are expected to fluctuate price movements.
The weekly deathcross in the BTC market is slowly catching up with the bulls, and over 76 percent of Bitcoin’s liquidations in the last 24 hours, about $65.42 million, were from long traders. However, Bitcoin could short squeeze if more whales outperform short traders.
The latest situation in the Bitcoin and altcoin market
As Cryptokoin.com reported, the altcoin market has been attracting the attention of traders after the recent launch of PEPE and WOJAK coins. However, the big picture shows that Bitcoin price may find temporary weekly support around $25,400, which acted as strong resistance in August last year and February this year, while altcoins are expected to post gains in the coming days before traders start to take profits in the Bitcoin and stablecoin market.
As a result, the current Bitcoin market may be at a stage where it is uncertain and all leverage sucks the blood of traders. Analysts predict that Bitcoin could drop below $25,000, but recover from levels around $27,500 and quickly rise above $29,000. The market is expected to remain volatile over the next few weeks due to the large number of events that can ripple price movements.
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