Bitcoin (BTC) continues to show growth, reaching a price of $107,000, which resulted from news of a ceasefire between Israel and Iran. However, market uncertainty remains.
Bitcoin Growth Amid News
At the beginning of the week, the price of Bitcoin rose from $100,000 to $107,000 following news of a ceasefire between Israel and Iran. This event increased interest in cryptocurrencies, but analysts point to the presence of uncertainty in further forecasts.
Market Downturn Probability
Katalin Tischhauser, Head of Investment Research at Sygnum, emphasized in an interview with CoinDesk that it is unlikely that Bitcoin will crash without unpredictable events like the Terra or FTX collapse. She noted:
> “The crypto market is strongly sentiment-driven. Therefore, technical analysis signals such as double tops warrant caution. A full-fledged collapse needs a swansong like the Terra collapse or the FTX explosion in 2022. Barring a similar black swan, we could see a prolonged bull cycle based on current political and regulatory support and sticky institutional capital flowing in.”
Double Top Risk
In recent weeks, Bitcoin has been stuck between $100,000 and $110,000, prompting analysts to speculate that its uptrend may be exhausted and that a bearish double top pattern could occur. Tischhauser and Peter Brandt highlight the possibility of forming a double top above $100,000. Although such a significant drop seems unlikely for Bitcoin, experts note that if a double top pattern forms, serious consequences could arise, with prices potentially falling to $27,000.
The situation with Bitcoin remains under the watch of analysts and investors. The uncertainty and risks, such as the potential for a double top formation, underscore the importance of a cautious approach to the market.
