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Bitcoin price is currently trading at $51,719 as this article is being prepared, with altcoins relatively stable. What are the experts anticipating? The prevailing opinion is that we will see a deeper market correction as spot Bitcoin ETF inflows balance out. However, with an average of around $450 million entering daily over the past 5 trading days of the week, it’s difficult to set a clear date for this scenario.
Crypto Analyst’s Commentary
Long-followed by cryptocurrency investors, popular analyst DonAlt pointed to an upcoming decline in his latest market evaluation. While we see occasional corrections amidst continuous rises, the upward trend keeps investors optimistic. DonAlt stated the following;
“$58,000 is what I refer to as the upper resistance range, the only real sell wall. We are actually quite close now…
I think this is significant. If we get there, I believe it will mostly be for a wick. I think that would be the high point for a while.
I believe it’s the most obvious point to sell. I don’t think it will be a trend-setting peak or anything like that. Just a retracement peak, in my opinion.
I think you’ll encounter quite intense selling right after that, and then perhaps we’ll see a reasonable retracement towards $46,000, or even lower levels”.
Is It Time to Buy Bitcoin?
This year, due to both the halving and spot Bitcoin ETFs, it’s predicted that Bitcoin’s price will challenge its previous all-time high (ATH) levels. The price, currently hovering near $52,000, was once challenged by a tough resistance at $32,000 months ago. The rally that followed has now turned that tough resistance into a nightmare.
“The only thing I’m sure would be a good buy price is the weekly and monthly support, namely $32,000 to $35,000.
I don’t think they will break, but if they do, it will only be temporary. You will find a buying opportunity at levels you are sure are the bottom. This level is very important and quite clean for a nice 30-40% retracement. I’ve got my eye on this area as a buying zone.”
