Bitcoin is still at risk of falling further, and it should hold more than $ 102,000 to stay on the track for a potential rebound, says crypto analysts.
Bitfinex Analyst Says In a market report last Tuesday as if Bitcoin (Btc) “Can hold above the $ 102,000 – $ 103,000 region for a long time, it suggests that the market absorbs pressure effectively.”
Bitcoin a potentially turned -based play with a huge compensation
Analysts say that “some downside risks still remain” for Bitcoin amid volatility of macroeconomic and military increases between Israel and Iran, but it presents a high stake but potential reward for investors.
“This environment now reflects a high risk, high rewarded opportunity for reversed continuity if consumer confidence returns,” the analysts said. Meanwhile, crypto businessman Matthew Hyland Says In X that “choppy price action but is on an uptrend for BTC.”
There was a strong optimization that Bitcoin would re-evaluate all the time high $ 111,940 last week, which is broken After Israel held twelve -two airstrikes in Iran on Thursday night.
In the following 90 minutes after the news of Israeli bombing, Bitcoin slipped 2.8% from $ 106,042 to $ 103,053 before reeting to $ 104,790 at the time of publication, According to In coinmarketcap.
Despite MacRO’s uncertainty, funds exchanged by the Bitcoin exchange continue to see strong flow throughout the week, reaching six consecutive days of trading successively on June 16 with $ 412.2 million in coming, According to to the data away.
Bitcoin will not fall fast in the past year
Bitfinex analysts say that even though Bitcoin’s trends are lower, the collapse will not be as steep as in recent years. In August, Bitcoin dropped nearly 20% to $ 53,991 in just 10 days.
July 1 marked the beginning of the third quarter, which has been a historical period for Bitcoin in terms of average return since 2013, According to in data from coinglass.
Providing a more bullish forecast, analysts say the current market conditions “also resemble prior capitulation-driven setups that usually results in reversing bitcoin shortly after aggressive sale.”
However, some analysts believe that the price of bitcoin may have a cliff right now. Crypto businessman Daan Crypto Trades Says In an X post on Tuesday that “Bitcoin struggles to break the current all -time high region and stuck now.”
Dais said the long -term trend of Bitcoin “has been clean,” but he watched the Bull Market Support Band to determine Bitcoin’s next move.
“The cycle has continued for a while, so pressing the Bull Market Support Band will be critical to maintain the momentum of this cycle,” Road said.
Related: 25% Bitcoin price rally to follow the correction now if the history is repeated
EY and Crypto businessman Danny Marques offered a more optimistic perspective, Says“The current move has a significant room to expand the structure, momentum-wise, and psychologically.”
“Bitcoin has not yet entered the euphoric zone,” Marques said.
However, although there are many participants in the crypto market – including Strategy’s Michael Saylor – Expect Bitcoin to prevent another crypto winter, some analysts remain skeptical.
“One is likely to take place after this Bull Market,” Crypto Trader Recter Capital Says.
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This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
