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Bitcoin forecast: one bad week is not the end of the world

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The last week was rather tense for Bitcoin and other cryptocurrencies, the market capitalization of all coins for the first time since September 19 fell below 200 billion US dollars. A negative mood, which is observed in the cryptocurrency market, creates favorable conditions for a bearish breakthrough.

Juniper Research analysts predict a dramatic scenario for the cryptocurrency market in a recent study of trends in Bitcoin and other digital assets. Experts believe that the reduction in transaction volumes indicates an inevitable collapse by the end of this year.

Meanwhile, Finder.com published the results of a recent survey conducted among crypto experts who began to lower their forecasts for the end of the year. On average, experts' forecasts still indicate a price increase of up to 60% (compared to the current level). But at the same time, many forecasts began to lower the bar set earlier.

At the same time, traders and investors are waiting for a SEC decision on a crypto ETF, where a favorable decision can serve as a powerful catalyst for moving up.

The technical picture for Bitcoin is full of uncertainties. Price broke out of the triangle with a sharp movement to the downside. Having destroyed a couple of levels of support, she stopped at $ 6,060, which is the lowest level since August 14.

Levels of $ 6,100 and $ 6,000, which include the lows of August and September, were reached several times from the end of June, but each time the market began to recover, without lowering the price below these levels. Bears can hardly celebrate a real victory until the price drops below $ 6,000.

$ 6400 is the old support, which now serves as a strong resistance. The next resistance is at a price of $ 6,600 (DMA50). As soon as this resistance is broken, the BTC may rise to levels of 6,770 – 6,800 US dollars.

What do you think about the situation in the cryptocurrency market?

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TOP 10 CRYPTOCURRENCY

#NamePriceMarket CapChangePrice Graph (24h)
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  • bitcoinBitcoin (BTC) $ 20,189.00
  • ethereumEthereum (ETH) $ 1,350.84
  • cardanoCardano (ADA) $ 0.431261
  • polkadotPolkadot (DOT) $ 6.38
  • litecoinLitecoin (LTC) $ 54.57
  • chainlinkChainlink (LINK) $ 7.88
  • stellarStellar (XLM) $ 0.120031
  • bitcoin-cashBitcoin Cash (BCH) $ 123.01