As the uncertainty in the price of Bitcoin continues, cryptocurrency investors are now opting to sit on the sidelines and watch. The open positions in futures and spot volumes clearly indicate this. The recent massive long position liquidation gave investors a valid reason to stay on the sidelines. So what do experts expect in the next phase?
Bitcoin Predictions by Experts
Bitcoin (BTC) has experienced a 12% drop in price, and some investors believe that further drops are yet to come. Experts have different opinions on this matter. The prevailing opinion on social media includes negativity caused by selling at resistance levels and weakness in the support area. A popular analyst known by the pseudonym Doctor Profit points to a target price of $23,500 for BTC.
“There is a small liquidity pool at $27,000. The liquidity pool coincides with the 50-week Exponential Moving Average (EMA) and the 200-day EMA. Psychological logic suggests that September is historically the worst month for Bitcoin. The chart itself indicates lower levels in liquidity, psychology, and the BTC cycle. I think we will see the $23,500 region regardless of what happens.”
Cryptocurrency Commentator’s Bitcoin Prediction
Another analyst known by the pseudonym Inmortal supports a drop close to $23,500. According to Inmortal, this will be the last drop for BTC. Moreover, more than 48% of the participants in the Devchart survey believe that the price of Bitcoin will drop below $26,000. In fact, the price has already dropped below this level today and then reclaimed the critical area.
Many members of the crypto community explain the potential for further decline in BTC by the currency repeating many aspects of the previous cycle.
The third analyst, Mags, said the following:
“We are currently observing a similar thing because the price has lost bull market support. If we follow the bull run like in 2019, except for black swan events, the price may continue to fluctuate between $22,000 and $30,000 for the remainder of 2023. The recovery potential could begin in 2024, and there could be a possible return of bull market support around February.”
The fourth popular analyst, Poppe, reminded of the cyclical behavior of Bitcoin. According to him, the transition to the growth stage of the cryptocurrency could happen in a few months. The upcoming halving event is an important factor that should not be overlooked in this regard.
