BTC price: calm before the storm? Analysts say whether a return to the bull market is possible

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Tokeneo
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3 min reading

The current price of BTC is around $ 11,480, up below 1% in the last 24 hours. According to analysts, Bitcoin could soon rise again to $ 12,000. After breaking this level, the cryptocurrency could gain up to 50% in the long run, believes van de Poppe.

bitcoin price  chart https://www.freepikcompany.com/legal

Aktualna sytuacja na rynku BTC

Po nagłym spadku ceny największej kryptowaluty pod koniec ubiegłego tygodnia – na skutek wiadomości o problemach giełdy OKEx – Bitcoin (BTC) powoli zaczyna nabierać rozpędu.


Od piątkowych minimów w okolicy poziomu 11 220 USD, cena BTC wzrosła o około 3%, wyznaczając dzienne maksimum na poziomie 11 509 USD – co jest najwyższym pułapem cenowym od trzech dni. Aktualna cena kryptowaluty wynosi około 11 480 USD. W skali dnia oznacza to wzrost poniżej 1%.

Wykres dla kryptowaluty Bitcoin. Zakres: 7 dni. Źródło: coinmarketcap.com

BTC rate: forecasts and analysts' speculation

Professional trader Rakesh Upadhyay believes that "a break above $ 11,600 could resume an uptrend towards $ 12,000." As he specifies, if the bulls manage to push the price above $ 11,600, BTC could retest the resistance around $ 11,700. Breaking this level could resume the move upwards, with the first target being $ 12,000 followed by $ 12,460 (this year's highs).

Analyst Michael van de Poppe also believes that in the short term, the price of the cryptocurrency is likely to rise again to $ 12,000, he says "as a result of the recent dollar weakness." "Historically, the weaker US dollar has led to a strengthening of other safe haven assets, such as Bitcoin," he adds.

The $ 12,000 level has been a big hurdle in recent weeks. However, the analyst believes that this barrier will be overcome - though not immediately. This in turn "should cause a huge move" upward toward the zone between $ 16,500 and $ 17,500 where the first major obstacle is - a potential increase of almost 50%.

According to van de Poppe, this huge move is unlikely this quarter, however, given "all the uncertainties about the world economy" and the fact that the BTC market "is still preparing for the next big cycle".

This cycle will bring the market to unprecedented levels, but it will not happen in one fell swoop ... Therefore, accumulation is a key part of growth in such a market, which seems to be happening right now.

- concludes the analyst.

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