시가 총액
24시간 볼륨
6566
암호화폐
51.43%
Bitcoin 공유

Market Signals Hint At Bitcoin’s Potential Fall To $52,000—Analyst

Market Signals Hint At Bitcoin’s Potential Fall To $52,000—Analyst


NewsBTC
2024-10-05 06:30:35

The Bitcoin market is grappling with mixed predictions, fueled by both technical analysis and external factors like geopolitics. Political turmoil has hurt Bitcoin before. When tensions grow, cryptocurrency prices fall, unlike gold, market analysts say. Related Reading: Is Crypto Losing Steam? Bitcoin And Ethereum Addresses Shrink In 2024 Bitcoin shot down to about $59,000 as the Middle East’s crisis worsened, and then recovered somewhat, but continuing volatility is probably in the cards. In spite of this uncertainty, CoinCodex’s latest BTC price prediction offers a huge 40% gain in the price of the crypto asset, which could top out at $86,428 by November 2024. Market expert Ali Martinez notes that Bitcoin is moving in a descending parallel channel, a pattern generally associated with price drops. Bitcoin’s technical setup says it might drop to $52,000, increasing uncertainty. Though CoinCodex predicts a bullish climb, BTC’s future is uncertain. #Bitcoin could drop to $52,000 if the governing pattern behind the recent price action is a descending parallel channel! pic.twitter.com/CEAbdWXCrB — Ali (@ali_charts) October 2, 2024 Impact Of Market Sentiment On Bitcoin The price momentum of Bitcoin would depend on market sentiment. According to CryptoQuant, Long/Short Volume to Open Interest Ratio is a notable indicator that reflects trader positioning: when this ratio grows, it indicates that long positions are dominant and it is commonly seen as an indication of positive market movement. A little too much optimism in the markets, however, produces prices to be corrected downwards. On the other hand, too much short position also hints at bearish sentiments, but at the extreme, it can be a precursor to the rebound of prices. BTCUSD trading at $61,696 on the daily chart: TradingView.com Currently, Bitcoin’s sentiment remains neutral, with the Fear & Greed Index at 41, reflecting the caution in the market. This suggests that, despite its stable performance with 60% green trading days over the last month, investors are still wary. Geopolitical Factors While geopolitical events influenced the price movement of Bitcoin aside from technical analysis, its movements are varied. According to cryptocurrency analyst Jesse Colombo, the coin usually traded downhill during periods of increased global tensions. So far, there is a rebound due to the Middle East crisis, and its traders are expecting more of the same. This has the consequence of making the alpha crypto experience drastic value changes mainly when the tensions in different parts of the world keep rising. Related Reading: What’s Holding Bitcoin Back? Analyst Says $71,000 Is The Magic Number The Road Ahead Bitcoin’s future is not by any means certain with these mixed signals. Ali Martinez has a bearish forecast, but on this assessment in combination with CryptoQuant’s market sentiment analysis, the price could well fall to $52,000. CoinCodex believes that this will provide more reason for optimism so that BTC can enjoy healthy growth in the coming months or years. Featured image from Vecteezy, chart from TradingView


면책 조항 읽기 : 본 웹 사이트, 하이퍼 링크 사이트, 관련 응용 프로그램, 포럼, 블로그, 소셜 미디어 계정 및 기타 플랫폼 (이하 "사이트")에 제공된 모든 콘텐츠는 제 3 자 출처에서 구입 한 일반적인 정보 용입니다. 우리는 정확성과 업데이트 성을 포함하여 우리의 콘텐츠와 관련하여 어떠한 종류의 보증도하지 않습니다. 우리가 제공하는 컨텐츠의 어떤 부분도 금융 조언, 법률 자문 또는 기타 용도에 대한 귀하의 특정 신뢰를위한 다른 형태의 조언을 구성하지 않습니다. 당사 콘텐츠의 사용 또는 의존은 전적으로 귀하의 책임과 재량에 달려 있습니다. 당신은 그들에게 의존하기 전에 우리 자신의 연구를 수행하고, 검토하고, 분석하고, 검증해야합니다. 거래는 큰 손실로 이어질 수있는 매우 위험한 활동이므로 결정을 내리기 전에 재무 고문에게 문의하십시오. 본 사이트의 어떠한 콘텐츠도 모집 또는 제공을 목적으로하지 않습니다.