Macro Signs Keep Trader WonderingJudy Rubio
BTC price may, according to many, hit twelve thousand USD. At the same time, some argue and claim they predict that the crypto will soon hit eight thousand USD. Traders all across the globe keep discussing the possibilities and analyze macro signs. Participants use those signs as indicators to help them foresee further development and changes.
The price seems to be struggling. BTC may have a chance to break out much more than ten thousand USD. Unfortunately, the last thirty-six days have not been successful enough and the crypto has experienced three failures attempting to hit the figure. Analysts feel confused and are not sure about the price trend because macro signs indicate varying trends.
Researches add that the price may be primed for a spectacular rally. The market takes into consideration the multi-year resistance level of ten thousand and five hundred USD. This, in turn, confirms the end to a cycle lasting for two years. Once it’s finished, a newfound rally will begin. On the other hand, the number of people who believe the price will start falling is also high. They have their reasoning and know why the price may fall to the range of between six thousand USD and seven thousand USD very shortly.
If we refer to historical data, then we’ll see that declining volume along with volatility indicates a massive crypto move that is expected to occur soon. For example, ten months ago the price was around ten thousand five hundred USD and rose to ten thousand eight hundred USD. The volume of the futures, as well as spot markets, decreased – the difference was significant. A month later, the price fell and reached seven thousand three hundred USD.
Possible Scenarios Predicted by Traders
One of the scenarios that traders predict seems to be bullish. People are looking forward to the crypto’s upsurge and they give three reasons why this should happen soon. First, they take into consideration a compelling technical structure. They also pay attention to a greater number of holders focused on long-term trends. Besides, they believe that hash rate is growing rapidly enough for a bullish move. Many traders find the short-term trend quite optimistic. For that, they would need the crypto to remain above nine thousand one hundred USD.
Hitting 12,000 USD in the short term. Taken from Michael van de Poppe
The range of a maximum of nine thousand three hundred USD has become a great support area for the crypto since last month. If the figures hold nine thousand one hundred USD and then break out above ten thousand five hundred USD, analysts say that twelve thousand USD will be next. However, the crucial level to hold right now is between nine thousand one hundred and nine thousand three hundred USD.
Traders see many other levels that are of no less importance for Bitcoin and keep discussing the trajectories that the price may take. Researchers note that the price may break out and leave the cycle lasting for over two years. All this may occur within a week. Here the point is for the crypto not to face a steep pullback within those seven days.
BTC on the verge of breaking out. Taken from Mohit Sorout
The source notes that the rebound of nine thousand four hundred and forty USD is strong. And the crypto’s price started this a few days ago. This proves that buying demand is also increased. Last week the price fell to nine thousand three hundred and sixty USD, but then it faced a sudden recovery and rose to ten thousand one hundred and sixty USD two days ago. Investors say that this is evidence of trader interest. Sellers cannot boast to possess what it requires to push figures down.
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