The leading cryptocurrency has turned upwards again and is trading sideways after a rapid recovery from the bottom. Altcoins have not yet fully recovered their losses and have been significantly worn out for months. So, what are the evaluations of well-known figures in this field regarding the current situation and the future? What is expected to happen in the broader context of cryptocurrencies?
What Will Happen to Cryptocurrencies?
A rapid decline and destruction in altcoins. We then see cryptocurrencies slowly trying to recover their losses with a quick BTC recovery. The largest cryptocurrency by market value is moving towards the psychological resistance level of $70,000 again. CryptoQuant CEO Ki Young Ju is hopeful due to the transfer of 358,000 BTC to hold wallets, as we recently announced.
Young Ju looks at the market from a broader perspective and says, “accumulation continues.” And of course, at some point, these will be sold in an environment where new investors rush to the markets both through ETFs via exchanges and through crypto exchanges.
The world’s largest Bitcoin miner, Marathon Digital Holdings, announced that it bravely bought $100 million worth of BTC while it should use its cash source in the most accurate way. The company announced that it will hold BTC strongly as a reserve asset.
Capriole Investments founder Charles Edwards said BTC ETF investors could create selling pressure to diversify their portfolios with ETH. However, at the Bitcoin event yesterday, a BlackRock official said their clients see ETH not as a substitute but as a separate investment option.
Bitcoin Price Prediction
The price recovered from $64,283 and BTC started a rapid turnaround. This rapid turnaround from the EMA20 level was good. Bulls will now struggle to overcome the $68,500 hurdle. It won’t be easy because if they succeed, a $1 billion short position will be liquidated. Then the general resistance area of $72,000 will be targeted.
The point to be overcome here is the sales area between $72,000 and $73,777. It has been tried many times, but the bears could not be overthrown here. So, what happens in the negative scenario? BTC loses $64,283 and we see a new test at $60,000.
