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Bitcoin‘s (BTC) price has solidly held above $30,000, and a 17% increase over the past week has raised the total value of the cryptocurrency market to over $1.2 trillion. While this positively impacts some altcoins, others remain unaffected and continue their sideways trend. So, what do analysts think about the stagnation following this sudden increase, and what precautions should investors take?
Analysts’ Bitcoin Price Predictions
Famous analyst Rager, known for his successful Bitcoin price predictions and BTC comments, indicated that it’s time for a drop for BTC. The famed analyst stated that if a slight drop occurs for BTC, there could be opportunities, implying that this is a normal situation after a 25% increase. The analyst, emphasizing that every pullback is part of the uptrends, expects a drop below $30,000.
Rager isn’t the only analyst with such thoughts about BTC. Byzantine General, known for his successful predictions based on the order books of exchanges, also made a bold statement. The famous analyst indicated that it’s now time to sell BTC, suggesting profit-taking.
The reasons he cited for this include high volume, too many liquidations, clearing of open positions, and negative order book delta data.
Livercoin Points to ARB
In third place is Livercoin, who has amassed a serious follower base with his altcoin comments and predictions. The popular cryptocurrency analyst made a clear comment about a cryptocurrency that has been quiet recently. Arbitrum (ARB), an Ethereum-focused layer 2 scaling solution, is actually pregnant with an uptrend according to the analyst.
ARB’s price has dropped by 2% in the last 24 hours, receding to $1.12. However, the analyst thinks a new increase will be seen here, and the price will rise above $1.3.
The main target seen in the chart provided by the famous cryptocurrency analyst is $1.8. Despite this, Livercoin, who wants to proceed with caution, hinted that he could close half of his position at $1.3, emphasizing that investors should not forget this. For ARB, $1.8 is seen as a momentum very close to a 100% increase.
