At the time of writing, BTC reached $65,200 before falling to $64,500. The MTGOX drop didn’t last long. However, it’s important to remember that the crypto market is unpredictable, and we should always be prepared for surprises. Along with Gold and Silver, the rise in BTC price is another morale-boosting detail.
Will Cryptocurrencies Fall?
The MtGox exchange announced in July that it would start refunds. Today, approximately $3 billion worth of BTC was transferred to the Kraken exchange for distribution. In a later statement, the trustee mentioned that refunds were made to 13,000 people throughout July. The refunds are not turning into sales as quickly as feared. Investor panic caused weeks of selling pressure beyond the refunds.
Popular crypto analyst Credible Crypto mentioned in his latest market assessment that he was unsure about the rise.
“Right now, I can see an argument for both scenarios – the LTF impulse at 58k could be our bottom, or this is just a deviation to gather some momentum to take out our lows.”
Daan Crypto Trades was the second analyst to address the current situation and wrote;
“So far, yes, we have seen some excitement from those assessing the bottom. However, we are also in the midst of a solid disbelief rally with a big short squeeze and surprised reactions from those who did not expect such a quick move. In my opinion, returning to the 59-60k levels would not be very good and would show weakness. Technically, this is a good level, and if it holds, the chart will look good. However, in practice, such ‘perfect retests’ rarely happen and are usually just a sign of weakness.”
BTC Price Prediction
The third well-known analyst is Rekt Capital, who is famous for accurately predicting some major price movements. According to him, the recent recovery was a significant step that should not be underestimated, and we could see higher peaks with the reclaiming of the reaccumulation range. Institutions and whales who bought during the dip accumulated over 100,000 BTC, and this relatively high demand was already a sign of something.
“The Reaccumulation Range has been successfully reclaimed. The importance of this recovery cannot be underestimated.”
Poppe gave hope by saying that the all-time record price would be tested within the next two and a half months. The fourth analyst, Poppe, wrote;
“BTC has returned to the range. It experienced a deviation below the low range. However, it has returned to the range in the last few days. As long as the $60,000 level is maintained, I expect to see a new all-time high before the end of the third quarter.”
