Bitcoin

Analyst Decodes the Upcoming Trend of Bitcoin Price & Suggest Some Good Entry Points!

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 2, 2022

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Highlights

    Bitcoin price has been pretty shaky from quiet a long time as the market sentiments in 2022 have become pretty much uncertain

    While some believe the BTC price has already reach out the bottoms, others believe much more is yet to come

The crypto markets were all set to discard the bearish trend for some time, as BTC prices appeared to sustain their position above $31,000. No doubt the bulls and the bears were in the mid of a tough brawl, yet the bulls were expected to outperform the bears.

 However, due to huge liquidations in the future market, the Bitcoin price dropped hard below $30,000 in the early trading hours. However, as the star crypto is refusing to deplete below $28,000, it is now believed that the price has already reached its bottom. 

In a recent blog penned down by Bitmex CEO, Arthur Hayes, believes bottoms are reached, but also states that one cannot expect a ‘V-shape’ recovery. Hayes refers to the YTD performance of 10yr Treasuries and marks the decreasing correlation between Bitcoin & Nasdaq 100. And hence advises the traders to ‘Babysit their Bitcoin’ for a while. 

This May Be a Good Entry For BTC Deal!

On the other hand, another popular analyst, KALEO believes the BTC price could leap long with flying colours very soon. However, before that, the analyst figures out a couple of scenarios to get into a BTC deal. 

The analyst puts forth 2 scenarios that may be seen in the upcoming BTC price action. In the first case, the analyst expects the BTC price to drop back to the previous day’s lows, slightly below the current levels at $29,300. And in the second case, he believes the prices could yet again drop back to the $26,000 to $27,000 price zone. This may be a good area to accumulate to experience a good relief ahead. 

Collectively, the analysts here believe the Bitcoin prices may range notably high but eventually the time frame differs. Therefore, amidst the shaky market conditions, the BTC price may eventually regain its grip and attempt to rise high very soon.  

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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