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What can happen to the price?
The analyst states that the digital currency “showed a lot of resistance below $20,000 at times when conditions were far from ideal, which may provide some confidence that the worst is over, but I am not convinced that be so.” “There may be some shocks this year in the markets in general and cryptocurrencies will not be immune to them,” he warned.
“Although there is still a long way to go to recover the losses of the first half, lCrypto assets, such as bitcoin, are experiencing a small recovery“said Simon Peters, an analyst at eToro.
“As for activity, we see the synchronization with equity markets continuing. In July, stocks, especially tech and other riskier ones, moved up again. Much of the effects of inflation and price increases Rates appear to be priced in already, and markets are bullish on recession fears,” he concluded.
As reported by CriptoNoticias, one of those analysts is PlanB, the same one from the stock-to-flow model that has been highly questioned lately in the bitcoiner world. For PlanB, looking ahead to August and September, the $30,000 level for the BTC price comes into play. At least, he says he wouldn’t be “surprised” if that move happens, as he commented on Twitter early on Monday, August 1. Already in the middle of last month, the analyst had forecast that July would close above $22,000 per coin, after June had closed below the 200-week moving average. Now, July closed above 23,000 dollars
For his part, the Spanish trader Immortal Crypto also shared his views on the future of bitcoin in the short term. In his case, he referred not only to the bullish scenario (similar to the one proposed by PlanB) but to a bearish one as well. As for the possible upward movement, Immortal identifies a possible range between $25,000 and $27,000 for the price of bitcoin in August. Even “maybe a little higher,” he added via Twitter.
However, the trader warned that the possibility of a new bearish break should not be ignored. In fact, he considered that if it falls below $21,000, it is likely that the $17,000 zone will be revisited.
Source: Ambito
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