Bitcoin Rally Prospects Pointed Out by Expert

The recent dip in the price of Bitcoin, which reached a ten-week low, hasn’t dampened the technical outlook for the cryptocurrency. Philip Swift, the founder of LookIntoBitcoin, highlighted the potential for an upward movement in Bitcoin’s value.

He emphasized the significance of the breakthrough in realized price quotes from the bottom up. Swift’s calculations indicate that in the past, a signal like this was followed by an uptrend for the next 140 days, with the indicators crossing in mid-January 2023. Swift reassured investors, stating that Bitcoin’s current behavior aligns with expectations for this point in the market cycle.

Glassnode analyst Checkmate drew attention to the apparent exhaustion of sellers in the Bitcoin market. The Sell-side Risk Ratio metric, according to Checkmate, dropped to near-record levels, suggesting a reluctance among investors to spend coins at the current price range, whether they’re making a profit or a loss. Checkmate warned of significant upcoming moves, hinting at potential price volatility.

Michael Kramer, the founder of asset management firm Mott Capital Management, expressed concerns about a potential Bitcoin collapse to $20,000. However, other experts remain optimistic about the digital asset. CNBC’s previous survey of analysts indicated a bullish sentiment towards Bitcoin, with predictions that it could reach previous highs and even hit $100,000 this year. Standard Chartered analysts, on the other hand, believe that Bitcoin will take a bit longer to reach the $100,000 milestone, expecting it to happen by the end of 2024.