As Bitcoin (BTC) crossed the 17.000 dollar level again, 3 leading analysts shared their opinions on whether the current increase will continue.
Analysts Have Announced Critical Levels!
As Bitcoin crossed the 17.000 dollar level again, some analysts started to draw a more optimistic picture. BTC has lost momentum again after reaching $17,300 in the last 24 hours and is currently trading at $17,210. Popular analyst Credible Crypto claims that BTC is “climbing towards $18,000 to $19,000. According to the expert, the support at $ 16,000 needs to be kept. The strategist also stressed that there are important support points at the $ 16,400 and $ 16,500 levels. Another analyst, Cheds, pointed to the Bollinger band, an important indicator, saying that volatility will potentially continue.
Michaël van de Poppe, founder and CEO of investment firm Eight, said, “We expect Bitcoin to continue on its path as long as we stay above $17,000,” and likened the overnight move to the break at the end of November. The expert also stressed that the liquidation of short positions is increasing. According to data from Coinglass, as a sign to investors that further declines are likely to occur, short liquidations in BTC amounted to $ 7 million in a single hour on December 8. Analytics company On-Chain College said: “Liquidations have been relatively small since the collapse at the beginning of November, but short liquidations have triggered this latest move.” he used his expression.
The Risk Continues!
Despite the fact that analysts paint an optimistic picture, the risk remains in the market. The fact that companies such as Celsius, 3AC and Terraform Labs planted the bankruptcy flag became the first sparks of the great catastrophe in 2022. Despite implementing an important update such as Merge, even Ethereum (ETH) fell by 67%, while 2022 was an inauspicious year for the cryptocurrency market. According to some experts who point to the Fed’s monetary policy and the unknowns in the FTX crisis, it is too early for a bull market.
According to economists, in order for BTC to return to its former heyday, the FTX crisis must end and macroeconomic conditions return to normal. One of the most important elements in this process is the re-entry of corporate investment into the market. Some experts warn that new ‘Black Swan’ Cases may emerge in the coming period that will pull Bitcoin (BTC) and altcoin prices back to rock bottom levels. Therefore, both the Fed and the FTX factor need to disappear.
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