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Bitcoin continues its gradual upward movement, breaking the $21,000 mark. Currently, Bitcoin is trading above $ 21,400, and its capitalization is 408 billion US dollars or 42% of the total capitalization of digital currencies.
After a multi-week sideways trend in the range of 19,000 – 22,000 US dollars, Bitcoin is moving towards its upper limit. Many hope that the first cryptocurrency will be able to overcome the upper limit and rush up in the coming weeks and months.
Investors are wondering if Bitcoin will be able to reach the $30,000 mark in the remaining 1.5 summer months.
Bitcoin under the prism of analysts
One of the analysts under the nickname CryptoYurii believes that Bitcoin moves within the framework of the Wyckoff model and will be able to reach $ 30,000 in September of this year. But within this model, the analyst expects the continuation of the movement of the first cryptocurrency in the lateral range until the end of August with the update of the local minimum.
In the Wyckoff model, the “accumulation” phase begins first, and then there is a breakthrough upwards. The breakout target for Bitcoin is in the region of $ 30,000, after reaching this mark, the beginning of consolidation and decline is likely.
Another interesting model indicates that Bitcoin has already bottomed out and is ready to rise to $40,000 levels.
Bitcoin holders are facing the biggest capitulation ever. Between June 14 and July 16, they lost 1.42 million Bitcoins. This is also a positive signal for the further movement of the first cryptocurrency.
In comparison of the dynamics of Bitcoin in 2010-2014 and 2015-2022, there is a pattern, with the further triggering of which Bitcoin is expected to move upwards.
Not all analysts are optimistic about Bitcoin
As a result of a survey of 53 crypto analysts, a consensus forecast was made regarding the price of Bitcoin. According to this forecast, Bitcoin will update its local low, dropping to $13,676 this year, and end the year at $25,473.
Experts in the fintech industry are pessimistic about Bitcoin. 77% of respondents believe that the cryptocurrency market continues to be in a bearish phase, and only 29% of them agree that the downturn phase will end before the end of the year.
According to a recent Wall Street poll, most investors are of the opinion that Bitcoin is more likely to reach the $10,000 mark than the $30,000 mark.
These predictions indicate that many investors expect negativity in the future, building on negative events that have already occurred, such as the collapse of UST and the bankruptcy of crypto lenders. But all these events are already embedded in the current prices. Assets tend to move in a direction that many do not expect or act against. It will not be surprising if, contrary to all these expectations, Bitcoin can quickly recover.
Author: Elvir, Analyst Freedman Club Crypto News