Bitcoin price has been range bound and consolidating over the past 24 hours following Elon Musk’s tweet on Sunday, but is up more than 9% in the past 24 hours. Many crypto analysts are still uncertain about the future price of bitcoin, while some expect a rally from last month’s lows. A market report states that bitcoin is likely to climb back to the “stock flow line in the coming months”, leading to a price of around $85K before the end of the year.
Financial Analyst: Bitcoin Could Cross Psychological $40K Limit Again
Elon Musk’s tweet – which said that Tesla would accept bitcoin again if the energy used to process transactions was at least 50% renewable – lifted bitcoin.B T c) rallied over 9% as the crypto asset again approached the $40K range. Alex Kuptsikevich, senior financial analyst at FxPro, told Bitcoin.com News in a note that there has been a lot of new excitement in the cryptocurrency world lately.
“The crypto market is experiencing another phase of excitement following the positive decision by the Parliament of El Salvador to include bitcoin in the country’s official options for payment,” Kuptsevich stressed in his note. “Globally this precedent is hard to overestimate, which is why we are now seeing such positive positive momentum. Investors, who were closing their buys until recently, are entering the market. Kuptsykevich said continued to add:
In the past 24 hours, bitcoin is adding 13% and changing hands towards $39,500. Thus, the benchmark cryptocurrency is once again trying to reach the $40K range. The success of this test of the local high will define the short term prospects of the crypto market as a whole. The total capitalization of cryptocurrencies has increased by $126 billion in the last 24 hours. It is highly likely that if the range is successfully crossed, we will see a fresh buying momentum that will push the first cryptocurrency into the $42-$44K area.
Decentrader analysis: ‘New all-time high for bitcoin before the end of this year’
one more market update Written by Decentrader sees the leading crypto asset trying to turn things around. there is also a chance B T c The stock-to-flow (S2F) combined with the price model could break new all-time highs this year, according to analysis by Decentrader.
“The fact that the price has now spent several weeks below the 200DMA is not a bullish signal,” notes Decentrader’s analysis. “However, [closing] 200DMA and above 128DMA will bring back a lot of confidence in the market,” said Decentrader researcher Philip Swift.
Decentrader leverages certain indicators like SOPR (Expenditure Output Profit Ratio), an active address sentiment indicator, and stock-to-flow (S2F) divergence. The interesting thing about stock to flow is how far the price has moved from the stock to flow line.
“The divergence tool at the bottom of the stock to flow chart shows the extent to which the price is moving to the flow level on either side of the stock. On the chart [above] We see the price moving below the flow line from the stock and far away from it only four times before in the entire history of bitcoin,” Swift explained.
Decenttrader researcher Swift highlights that after each bar in 2012, 2013 and 2017. B T c Rebounded remarkably from significant drops to rise back to S2F levels. “The last time 2017 was in a bull run, when the price was $1,900 and went up to $5,000 over the next 6 weeks,” Swift said. Decentrader analyst insists:
While we may not rally so hard and bullish this time around, basically nothing has changed in the way bitcoin works, nothing is broken, we are very bad media after a strong rally at the start of the year. coverage experience. So we can very well see that the price will move back from the stock to the flow line in the coming months. That would mean that . New highest level ever for B T c Before the end of this year, as the stock to flow line is currently sitting at $85,000.
Delta Exchange CEO: ‘Bitcoin’s options market has a 30% chance’ B T c ‘Closing at $50K by the end of July’
Decentrader’s and Kuptsikevich’s B T c The price outlook is very different than those who are feeling bearish about the crypto markets. Investment bank JPMorgan Chase and its group of analysts think a bearish price breakdown Could be in the future of bitcoin. The researchers at JPMorgan Chase noted “an unusual development and a reflection of weak bitcoin demand from institutional investors at this time.” in another report good, JPMorgan said that “equally located, smaller nations,” could follow the trend of El Salvador.
Delta Exchange CEO Pankaj Balani explained to bitcoin.com in an investor note that the options market for bitcoin has a 30% chance. B T c Closed at $50K by the end of July.
“After a volatile week, bitcoin has rebounded and is trading near $39,500 on the spot. Market sentiment remains cautious as traders continue to pay premiums for downside protection at monthly and quarterly maturities.” Balani said. “At weekly and bi-weekly maturities, Call IVs have started rising and approaching Puts. The options market is pricing in a close to 30% chance that bitcoin will be close to $50,000 by the end of July and a 15% chance that it will be closer to $30,000 for the same maturity,” Balani said.
What do you think about the recent bitcoin market outlook from analysts monitoring these crypto markets? Do you imagine bitcoin is back at all-time highs again? Let us know what you think about this topic in the comment section below.
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