Crypto experts announce a forecast for further fluctuations in the price of bitcoin

The main crypto coin has been trading in the $18,000–24,000 fork for over 3 months. At the beginning of this summer, bitcoin hovered around $30,000–29,000, but in mid-June, its value dropped to about $19,000.

Some of the crypto industry experts believe that so far there are no factors that can radically affect the BTC rate. A sharp increase in the value of a crypto coin in the current market situation is more likely to become a “bull trap” rather than a real reversal.

Analysts warn that after a rapid rise in the rate, a fall could occur, which could provoke a wave of liquidations on margin positions. This will affect the downtrend and the price will go beyond the current level.

TradingView analyst Alexander Klinkov, on the contrary, believes that there is enough liquidity in the market now, which could be the starting point for exiting the current interval within the next 2–3 weeks. The expert also pointed out that a lot of liquidations are typical for the market before a significant move.

Ilya Yelchanin, an analyst at TradingView, said that the release of the first crypto coin from the $18,000–24,000 range is approaching. He drew attention to the fact that the ROS indicator (rate of price change) indicates an imminent jump. But how exactly bitcoin will behave is still unclear.

Yelchanin reminded that on October 13, the announcement of information on inflation in the US for September, as well as in annual terms, is scheduled. Since the market reacted poorly to the recent rate hike, it is possible that large investors are waiting for inflation data.

And CoinShares concluded that the inflow of funds into cryptocurrency funds over the past week reached $10.3 million. This indicates the continued indecision of investors.

Analysts also point out that the volume of trades in investment products is a confirmation of investors’ uncertainty. For the week, they amounted to $886 million, which was the lowest since October 2020.