Two different cryptocurrency analysts have opposing predictions for Bitcoin (BTC). However, both have their reasons. By considering the views of different analysts on the markets, we can look at the current situation from different perspectives.
The Relationship Between Bitcoin Price and News Flow
We can list many reasons for any major movement in the price of Bitcoin (BTC). For example, Mt Gox wallets become active, and BTC dips below $50,000. Reasons for this could include the negativity of September, lack of buyers, excess supply that has been tiring the markets for months, and many more. Similarly, if the price reaches $70,000, we could again have valid reasons. The possibility of Trump winning the November elections, the first Fed rate cut coming in 9 days, preparation for the historical fourth-quarter rise, whale accumulation over months, and many more reasons can be listed.
What Will Be the Price of Bitcoin?
The first analyst is known by the username Ali_Charts, an on-chain and technical analysis expert. According to him, Bitcoin (BTC) is playing with fire and risks falling to $41,100. This opinion is based on the historical performance of the MVRV chart. Ali wrote: "According to Bitcoin MVRV Pricing Bands, it is very important to monitor the $54,240 support level. Breaking this level could lead to a correction down to $41,100!" In contrast, the second analyst known as Crypto Rover says: "Billions of dollars worth of #Bitcoin short liquidity lies around $70,000. We could test this area." The frequent visits to intense liquidation levels in the futures market in the past also lead the second analyst to target $70,000.
Conclusion
Which prediction will come true? Since we cannot see the future, only time will show us which one will be proven wrong.
Different analyst opinions highlight the complexity and unpredictability of the cryptocurrency market. Despite opposing predictions, both sides offer valuable arguments for consideration.
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