On Sunday evening, the global cryptocurrency market cap rose 1% to $947.5 billion. Because of this, the price of Bitcoin and altcoins has increased. After Sunday, US stock markets opened in red, while cryptocurrencies remained in the green. Now, as the new trading week begins, analysts are sharing anxious price predictions for BTC.
5 analysts shared price predictions for Bitcoin
“FED will hit Bitcoin”
“The FED will not downshift at the next FOMC meeting in November,” said OANDA Senior Market Analyst Edward Moya. According to him, the US labor market is still strong. Therefore, inflation is not falling rapidly. The analyst warns that the Fed may increase interest rates by up to 5% in total. For Bitcoin, Moya says alarm bells are ringing after the non-farm figures were released. According to him, BTC seems to remain in the consolidation model. But he adds that the upcoming inflation report could change that.
“BTC can rise to these levels”
Michaël van de Poppe said that “scalping trading” has been enabled for Bitcoin. Scalping means an increase in buying and selling transactions in short time intervals. According to Poppe, “if this trade works, long swings will ensue. The analyst also states that the $20,000 level has cracked and therefore we can expect a run to $22,000.
“In a region where you should not buy BTC”
In a post, CryptoQuant analyst Dan Lim said the longer the cryptocurrency market drops, the “less short-term buying” will occur. “Bitcoin is in a region where you shouldn’t buy,” he added on Twitter.
“Bitcoin is preparing for a big boom”
Widely followed economist Alex Krüger points to an indicator that has historically marked major bouts of volatility in Bitcoin (BTC). Speaking to his 146,200 Twitter followers, the economist examines the BVOL index, which analyzes BTC’s volatility on an annual basis using the time-weighted average price (TWAP). Accordingly, the closing of the BVOL index below 25 historically preceded major moves. Krüger said:
“Every time BVOL closed below 25, an explosive Bitcoin move soon followed. They were up twice and once down.”
“BTC signals a big move”
Meanwhile, Michael van de Poppe, Mt. Gox talked about delaying the distribution of 140,000 Bitcoins. Accordingly, analyst Mt. Gox explained that he does not expect the distribution to have much of an impact on the price. He then said that BTC is preparing for a major price move. In Poppe he referred to the above index mentioned by Krüger. The analyst stated that a big move will come when the index falls below 25.
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