Sleepless nights continue for cryptocurrency investors this week. The agenda is intense and price volatility will increase. <a href="https://en.coin-turk.com/bitcoin-analyst-reveals-expected-price-levels-for-2025/”>Bitcoin price continues to hover around $37,000 as of the time of writing this article. Altcoins, on the other hand, experienced a slight pullback. So, what can we expect this week? What are the experts’ predictions for cryptocurrencies?
Bitcoin (BTC)
Last week, the volume of futures trading on CME surpassed that of Binance. This is exciting news because according to CoinShares data, there is a strong ongoing institutional demand. With the increasing optimism about the approval of a Spot Bitcoin ETF, BTC could rise even further, currently hovering at 18-month highs. The fear and greed index has also climbed to the greed zone at the end of 2021. This is shaped by many data points and reflects the increase in interest.
As we mentioned yesterday, the US inflation data will be announced this week, and we will see many comments from Fed members regarding economic policy. It is important for the crypto market that the decline in inflation continues to have no negative impact on the macro front.
Expert Crypto Predictions
Popular analyst known as Credible Crypto said that there will be an increase in volatility soon. The analyst argues that the Open Interest (OI) data, which indicates the number of open positions, will be a good trigger for price movements.
“OI has quickly rebounded from its lowest levels, which means that more positions will be squeezed.”
Although the upward movement will continue, the analyst’s target is for the rise to continue after a bottom near $36,600. Another analyst, Daan Crypto Trades, highlighted the CoinGlass data and said the following:
“While this may not always be the cause of a sudden drop, ideally, after some more change, the situation will return to normal. It is worth noting that during strong upward trends, it can stay this way for weeks or even months.”
He also argues that excessive interest can bring about a short-term decrease. If we are in the midst of a strong bull run, this intense price action can push the price upwards for a long time. We will see what happens over time.
In the November 10th analysis by CryptoQuant and the comments of analyst Cauê Oliveira, attention was drawn to the funding rate. Finally, CryptoCon said the following:
“Some people have told you to completely ignore altcoins because of the increasing dominance of Bitcoin. And as you may have noticed, this is a critical mistake. I think it is very likely that altcoins have already hit bottom for the cycle, and those who have done nothing will have to buy at higher levels. Imagine being told ‘Ignore altcoins at their bottom levels and only buy Bitcoin that has already gone up.’ That’s how it was this year. 2024 is approaching, and altcoins are ready to become even stronger!”
