Pay Attention To These Forecasts: Experts Have Mapped The Long Term For Bitcoin!

As the Bitcoin price continues to trade in a tight range without direction, senior analysts from Glassnode and Bernstein offer two different scenarios for the long-term outlook.

Glassnode founder has negative thoughts about Bitcoin

Yann Allemann, founder of analytics firm Glassnode, predicted that the recession will continue in the short term in his analysis shared on September 5. Even so, Allemann says the risk-reward ratio will be satisfactory. In his analysis, he shared a few levels that will be critical for Bitcoin bulls:

Medium-term outlook: Positive risk/reward, but short-term, uncertain ($25.8k – $26.8k).

⁃ Possible levels due to bearish bias: $23.8k – $24.8k
⁃ Bottoms: RSI bullish trend, volatility decreasing.

Consider buying after the drop or holding the $26.8k solid to break the downtrend.

At the same time, positively evaluating the upward trend of the RSI value and the decrease in price volatility, Allemann stated that these two signals may be close to the bottom levels of Bitcoin. The analyst says that we will test the $23,800-24,800 range in a potential bearish scenario. He also suggested two different buying strategies for investors.

According to Allemann, Bitcoin will likely find support in the $23,800-24,800 range after experiencing a drop. In a bullish case, buyers can reverse the downtrend to the end by breaking the $26,800 level. In such a situation, the analyst expects ideal opportunities for a long position to emerge.

We will see a different cycle, says Bernstein analyst Gautam Chhugani

Elsewhere, Bernstein analyst Gautam Chhugani expects the crypto market to take a new form over the long term. In his latest analysis, Chhugani suggested that the crypto market will move differently from previous cycles. The analyst says this cycle will progress in an unprecedented way under the leadership of institutional capital. He bases this view on three important factors:

• Ripple and Grayscale victories: Recently, companies like Ripple and Grayscale have seen positive decisions from the courts. These developments are seen as a positive sign for the future of the crypto market. As Kriptokoin.com, we have included the details in this article.
• Institutional interest: Institutional investors are increasingly interested in cryptocurrencies. Large companies and financial institutions are becoming more open to investing in cryptocurrencies. This indicates that the market has the potential to attract more institutional capital.
• Potential ETF approvals: Exchange-traded funds (ETFs) were a long-awaited development. As Grayscale’s lawsuit results in ETF hopes rise, the SEC’s decisions regarding Bitcoin ETF applications continue to focus on developments in this area.

Finally, Chhugani emphasized that this cycle is progressing slowly, but has more solid foundations. Legal openness and the involvement of long-term players increase the robustness of the market. Grayscale’s positive decision from the SEC and ETF prospects are shaping the market’s future. Chhugani expresses his expectations in the customer note as follows:

The asset management industry will expand into regions other than Bitcoin (BTC) and Ethereum (ETH), such as Solana and Polygon, even entering segments such as DeFi (Decentralized Finance) assets.