Different crypto money analysts’ comments on the market allow investors to read the current situation from different perspectives. However, the truth is that strategies created based on analyst opinions (entirely indexed to these opinions) bring general losses to investors. Because they cannot see the future and can affect your psychology about the market in a positive/negative way. So let’s look at the markets from different perspectives.
Will Bitcoin Drop to $40,000?
The analyst nicknamed Mister Crypto made a post about 2 hours ago (as of the time of writing) warning those expecting deeper bottoms. Here, despite the intermediate declines, the consolidation processes that have brought about the continuous upward trend of the BTC price since its return in 2023 are highlighted.
The analyst, who likens those waiting for $ 40,000 to those waiting for $ 30,000 in the decline at the beginning of 2024, will follow a path where the uptrend line, where we are likely to see trials above $ 65,000 soon, will be protected as support.
Will Bitcoin Rise?
Crypto Tony, in his analysis published a few hours ago (this detail is for you to know that the evaluation is up-to-date), hinted that the BTC price could bottom in the range of $ 53,400 and $ 52,400 in a possible decline. He underlined that the price could experience a more stable rise with the recovery of $ 57,000 at the daily close.
Third analyst Bob Loukas cycle bottom target and we shared the expectation of a return on September 6. As you can see in the chart below, BTC bottomed on the 63rd day and started to return from there. So what will happen now? In the previous evaluation, we drew attention to the figures of 65, 42 and 57 days. Now, we should see an intermediate recovery period between 24-51 days.
This means that we could reach a new peak in the $64,000 to $74,000 region in a few weeks. Of course, this chart alone is useless because we have important events such as inflation coming in hours and interest rate decisions to be announced in 7 days. Moreover, surprises also like last minute (big news).
Our latest analyst Daan welcomes the move away from Crypto Trades and the $53,000 support level. Daily closes above $56,500 could convince him to go higher. Tony, on the other hand, emphasized the need for daily closes above $57,000, as we mentioned above.
Well, with closing above $56,500 BTC how many dollars will it reach? Daan is targeting the 200EMA at $59,310 and the 200MA at $63,920. If there is a decline? The target is again $53,000 for the analyst.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
