The price of Bitcoin has surpassed $37,000 once again, signaling a weak but steady recovery period after a rapid rise. The king of cryptocurrencies experienced a faster-than-expected increase between $30,000 and $36,000. While this initially shocked the markets, things are starting to settle down. So, what is the current expectation of market experts?
Supply, which has been stagnant for over a year, has finally reached 70%. This indicates that investors who analyze the downturn are generally reluctant to sell. If a strong wave of demand is triggered, the current situation of holders can help the price rise faster than expected.
Bitcoin dominance continues to remain strong, similar to previous bull market cycles. So, what are the current expectations of popular cryptocurrency commentators? In a section of its latest social media analysis, Skew wrote the following:
“There is significant supply above the price and towards $40,000. This indicates that persistent demand is needed to break through this critical region. Confirmation of an upward move is seeing limit bids getting close to the price, signaling higher prices and demand.”
Michael Poppe, the founder and CEO of Eight, has been prominent with his optimism about price increases. As of the time of writing, with the BTC price at $37,114, it confirms that he is not just hoping for an empty outcome. In his latest market analysis, he said:
“Resistance is at $38,000, and support is at $33,000 to $34,500. Supports will be monitored for long positions. I think we may go a bit lower, perhaps to the $35,000 level, before revisiting the highest levels. However, we should maintain the trend.”
Daan Crypto Trades wrote the following:
“Although the sensitivity is not great, BTC still experienced an approximately 5% increase for November. December tends to be a volatile month that showcases significant numbers. I believe we will experience a turbulent end of the year!”
Gigisulivan drew attention to the Bitcoin hash rate in his latest Quicktake market update for CryptoQuant on November 19th.
“Two weeks ago, I mentioned that we had a new peak in hash rate and that it could still trigger a normal selling wave. There may be one last pump before the drop, but I expect a correction towards $30,000 to $31,500.”