Analysts give forecasts about the rate of the main crypto coin
Analyst Justin Bennet believes that the rate of the first cryptocurrency will not fall below $30,000. In his opinion, BTC will rise.
The expert also noted that the DXY dollar index is important in the cryptocurrency market. The decrease in the indicator is probably evidence of the growth of risky assets, including virtual ones.
“95.5 is probably the next target for DXY. A close below 94.6 is needed for a trend reversal,” Bennett said.
But Fundstrat Managing Director Mark Newton believes that within a few months, BTC with a “good probability” will be able to reach a local bottom, so investors need to be careful.
In recent days, the bitcoin rate has stabilized after falling below $33,000. Fundstrat’s top manager believes that this rebound may be false and does not indicate that an “interim rally” is approaching.
Newton sees the $40,000 mark as an important technical level for bulls. He stated that if quotes fall below $35,511, there is a chance that bitcoin will reach $32,950.
“Until the daily close exceeds $40,000, [Bitcoin] remains in a downtrend and it is technically difficult to rule out further weakness,” Newton said.
Right now, the main crypto coin is worth about $36,700, according to Coinmarketcap data. During the day, it fell in price by about 5%.
Earlier this week, analyst Benjamin Cowan predicted that BTC would start to rise again in three weeks. He came to this conclusion based on historical data.
The expert noted that it usually takes three to six months after the price of a digital currency drops below the bull market support level. After that, the crypto asset, as a rule, returned to growth. A more positive scenario is possible only if the US stock market recovers for a long time, the analyst believes.
“If we see the Nasdaq and S&P continue to fall, rest assured that bitcoin will most likely fall too. And this does not necessarily mean that there is something wrong with the cryptocurrency. Nothing fundamentally has changed, but this could mean that people continue to get rid of risky assets,” Cowen warned.
It’s interesting, which of the analysts will be right?