The Bitcoin cycle will take 1,000 days, says an analyst, since BTC reaches USD 34,000
The Bitcoin cycle will take 1,000 days, says an analyst, since BTC reaches USD 34,000
- Bitcoin celebrates a comeback this weekend after it ended the week that tested the support of USD 32,000.
- While Bitcoin approaches the $ 34,000 mark, two analysts share their views at important levels that investors should pay attention to in the coming weeks.
From Thursday, Bitcoin seemed to break down when it slipped from $ 35,000. The digital asset deleted $ 2,000 in a few hours and received support at just over $ 32,000. There was little development on the wider market to explain the sudden crash. But in the past few weeks, Bitcoin has risen between $ 31,000 and $ 35,000. The crucial question remains, where will it break first, under $ 30,000 or over 35,000
At the weekend, Bitcoins helped a high-decisive support of $ 32,000 to a comeback. At the time of publication, Bitcoin acts well over $ 33,000 according to our data. This follows a price increase of more than 2 percent in the last 24 hours.
If the crypto king can hold the moment, it should be close to USD 35,000 at the beginning of next week or over 35,000 $. However, the digital asset has an unprecedented low trading volume. Data shows the spot trade volume in June, followed by one, followed by one in June Derivatevolumina decline by 40.7 percent.
This was primarily driven by the recent Bitcoin mining in China. Since the volatility remained relatively low, there was also little activity of investors who prefer to wait for the calm.
Da Bitcoin and the entire market generally follow the same trend, analysts warn that the current phase could still last for months and added that "around $ 33,000 to $ 34,000 are a very important retracement level".
Bitcoin cycle could take years
Craig Johnson, senior market technician at Piper Sandler, in an interview with cnbc stated that Bitcoin had more than 45 percent extinguished from its high of 64,000 US dollar. He emphasized the two previous cycles that lasted 1,000 days.
You have to be ready to close the hatches and wait a while until this consolidates before you start the next major main section.
The President of Blue Line Capital, Bill Baruch, also shared his views with CNBC and noticed that he and many other investors were interested in the fact that the $ 25,000 position would accumulate more Bitcoin. "Give me $ 25,000 for Bitcoin and I would buy more," said Baruch. He has already taken a position in the $ 32,000, but is aiming for $ 25,000.
Bitcoin can easily be moved through a single event, but since the Chinese mining has taken place, both positive and negative developments have not significantly affected the digital asset. One of them is the latest confirmation from Square that it develops a hardware wallet. As one of the most trustworthy companies in the industry, his hardware will promote the introduction of the digital asset, especially for investors who feel the current solutions as security concerns.
As reported CNF, the upcoming GBTC exemption will be one of the most important tests at the end of this month, but experts still do not agree whether this affects prices.
connected : Analysts are shared of the direction that BTC hits after GBTC was "activated" later this month
Source: Crypto-news-flash.com
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