Cryptocurrency prices continue to rise. However, 6 leading crypto analysts evaluated Bitcoin price action. As is known, altcoin prices often move in correlation with Bitcoin’s value. Therefore, the direction of the BTC price is important for the entire market. Now let’s examine the analysts’ BTC price predictions.
“An inevitable fix is on its way”
Famous analyst Caleb Franzen shared his comments about Bitcoin price to his followers on Twitter. According to him, Bitcoin crossing $24,000 confirmed a breakout from previous trading levels. This breakout level was in the range of $18,000-$22,500. However, the analyst underlines that the next correction is very important. According to him, the new BTC correction will be a big test during the bear market period. Then the analyst asked his followers a question. Accordingly, Franzen wonders how buyers will react to the pullback.
Most big investors don’t buy Bitcoin
He was among those who made price predictions at Jarvis Labs, which researches Bitcoin’s chain data. The firm revealed that whale activities in BTC are negligible. It then warned investors that the current uptrend is unlikely to continue. The company’s data also showed the movements of institutional investors. Accordingly, whales and institutional investors have not started actively buying Bitcoin. It seems that big investors are taking a cautious approach despite the recent rise. The red and orange dots in the chart below reveal whale activity. As can be seen in the graph, these activities have been very few recently. Based on this data, the firm says that it is very difficult for the rally to exceed $28,000. The rally is more likely to reach $25,000 at most and then pull back, according to Jarvis Labs.
Wide time chart supports bears
Famous crypto analyst Capo analyzed the wide-time chart for Bitcoin. According to Capo, the leading cryptocurrency is giving bullish signals on the short-time chart. However, it remains bearish on the broad time frame. According to the analyst, the current rally consists of only one low high. Confirmation of the price drop would be a drop below $22,000. Capo states that if this happens, investors should aim for the $15,800 and $16,200 range.
“Bitcoin should close weekly at this level”
As we reported as Kriptokoin.com, Bitcoin is trading around $23,000. However, the 50-day and 200-week moving average remains resistance for the leading cryptocurrency. Popular trader and analyst Rekt Capital analyzed BTC price in a recent Twitter update. According to him, the 200-week moving average needs to turn into support for the uptrend to continue. For that, BTC needs a weekly close above $22,800.
“BTC has the potential to rise to $40,000”
However, Jibon, another famous trader, thought differently. According to Jibon, $22,400 was important for the weekly closing, not $22,800. The trader supports the view that the Bitcoin bear market is still ongoing. However, he claims that a weekly close above $22,400 will support the relief rally. He predicts that if this happens, the price will target $40,000. However, he says, if the price closes below the mentioned level, a drop to $12,000 to $15,000 will open the way for a drop.
“Wait for this meeting”
Trading firm QCP Capital made the latest market analysis of the day. The firm has expressed reservations about the potential for Bitcoin and altcoins to rise in the short term. “We do not know whether the price increase will continue at large rates,” the firm said. They also stated that the market is showing some signs of exhaustion. QCP referred to the July 27 meeting of the Fed’s Federal Open Markets Committee (FOMC). Accordingly, the meeting will act as a major volatility event in the crypto market. They argue that the Fed’s interest rate decision will affect the cryptocurrency market.
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