9 crypto experts predict in which direction the Bitcoin price will move. The leading crypto is trading above $19,000 at the time of writing.
Crypto players see straightening healthy despite historical proofs
Some experts consider the recent crash to be a “healthy” correction for the market, although many investors are suffering right now. For example, Lucas Outumuro, head of research at IntoTheBlock, claimed that the crypto market suffered a historic crash in June, largely as a result of forced selling and liquidity woes. In the June 17 issue of their weekly newsletter, the researcher says the market crash resulted in “one of the crypto space’s worst quarterly price performances.” Outumuro also noted that it is too early to say bottom.
Corey Miller, the growth leader of the DEX platform dYdX, is still optimistic about the market. He said in a recent Fortune interview that it’s healthy. Miller argued that the market correction removed “excessive risk” from the industry.
Experts say recovery will take time
On the other hand, Michael Safai, managing partner of crypto exchange Dexterity Capital, says:
Things are really shaky right now and it will take some time for the market to stabilize again. People are watching. They are waiting to see if something else will topple… There will be too many jolts to be made… The era of extraordinary yields for nothing is over. This is when a lot of leverage will be pulled from the system and this will ultimately make the crypto ecosystem safer.
Jason Urban, co-chairman of Galaxy Digital Trading, says the market is “hangover”:
I think over the next three to six weeks, people will understand exactly what happened. This is the first step… There will be projects that fail to do so, and there will be projects that are wildly successful.
Will Bitcoin return to $60,000?
Crypto analyst Haseeb Shaheen answers that question in his recent analysis. The chart below shows Bitcoin’s past bear and bull periods.
As you can follow from Kriptokoin.com, there are different opinions about the revival of Bitcoin. Some are against investing in Bitcoin. Others see Bitcoin as the future of modern decentralized finance. Currently, there is an ongoing bearish situation for BTC. These changes took away more than half of its value. The $69,000 ATH is now like a story from the past. Experts are split on whether it will improve or lose more value in the coming months. Indicators are showing improvement, but changes in the field will determine that. However, FXStreet analyst Filip L. warns of signs that could trap bulls…
Bitcoin price will drop 20% if the US dollar rises
Bitcoin price retained $19,036 as support, which acted as a supportive measure. Meanwhile, this dollar could see its gains evaporate behind its strength as the price of Bitcoin is reallocated from cryptocurrencies to the safer USD to withstand current woes and inflationary turmoil in global markets. However, analyst Filip expects it to bounce back to 19,036, squeezing the bulls to cut their losses. This would trigger a spiral sell where Bitcoin price risks falling to $16,020 and losing roughly 20% in the process.
With the US dollar action coming so early, a pullback is expected once the US trading session takes over. This means that USD pairs are giving back their gains and cryptocurrencies are going up. Once BTC turns its trend, it is ready for a test against $21,969 and an upward move towards $23,878.
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