Cryptanalysts predict an increase in the bitcoin rate while the coin is oversold
Among the participants in the cryptocurrency market, more and more opinions are expressed about the possibility of a positive movement of the main cryptocurrency. On December 22, the price of BTC, according to data from Coinmarketcap, exceeded $49,000.
Well-known analyst Willie Wu pointed out that Bitcoin indicators indicate that the cryptoasset is oversold. According to him, such signals are rarely received, and after them, BTC usually begins to grow.
Analyst Benjamin Cowen also drew attention to the growth potential of the first crypto coin. He noted that bitcoin managed to overcome the upper border of the descending channel, within which the crypto asset has been moving since the beginning of December. Based on technical analysis, such factors may indicate the likelihood of the growth of a digital coin.
According to market participants, about 20% of BTC investors suffer losses. They refer to the analysis of the periods of buying the cryptocurrency by the participants of the whalemap channel on Twitter. Analysts believe that the specified number of investors purchased the cryptocurrency at a price exceeding $50,000.
However, it is possible that if bitcoin continues to move up, participants in the cryptoindustry will decide on the need to fix profits. And this behavior of investors can become an additional obstacle to the positive movement of the main crypto coin.
Meanwhile, the head of EXMO Sergey Zhdanov believes that the real sign of the recovery of the BTC rate is the consolidation of the asset above the $55,000 mark. The crypto enthusiast is sure that until this happens, it is too early to discuss a way out of the correction.
“As for the“ bottom ”, I think that many regard the level of $40,000 as an opportunity to buy, which means that we will be able to push off from it and go up,” Sergei Zhdanov announced his own forecast.
He also added that taking into account the current price dynamics of BTC, there is still a chance to overcome the level of $55,000 by the end of this year.
Do you agree with these analysts’ forecasts?
