BTC price forecast: Bitcoin market at a crossroads
BTC price forecast: Bitcoin market at a crossroads
Since the beginning of the year, the price of Bitcoin has risen steadily by 55%, but the leading cryptocurrency has been showing volatility lately.
Two weeks ago, Bitcoin collapsed from $29,000 to $26,000, while on August 31, it jumped 6% to $27,700, but has already rolled back to $25,900 on September 2.
Analysis of the situation shows that despite the rise in cryptocurrency prices, volumes remain at multi-year lows as capital outflows continue in the market.
However, the liquidity situation, coupled with the inherent nature of cryptocurrency markets, suggests that depressed markets could turn to growth, although some analysts hold the opposite view.
Bloomberg Intelligence Senior Macro Strategist Mike McGlone believes that if Bitcoin can recover to $31,000, it would indicate a bullish reversal, but it will likely continue to decline as global central banks continue to tighten monetary policy.
The Co-Founder of the crypto analytics company Glassnode wrote on his X (Twitter) page under the username Negentropic that despite the positive medium-term growth outlook, one should not overlook the possibility of the Bitcoin price falling to the $23.8-24.8 level.
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It is worth noting that the RSI is showing a bullish divergence combined with a decrease in market volatility. Such patterns indicate that the asset may be preparing for a rebound. Therefore, if Bitcoin is able to maintain this trend, it could signal the beginning of its upward movement.
At the time of writing, Bitcoin is down 0.14% to $25,722.94.
Currently, the Bitcoin market is facing contradictions in determining the future trend, so it is crucial to closely monitor indicators and key price thresholds in order to make a clear and informed decision.
See also: The XPR cryptocurrency broke the $0.5 mark.
