A crypto analyst predicts that Bitcoin won’t linger long around the $100,000 level now that the “psychological” barrier has been broken, as the moment will gain widespread attention.
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ETF analyst Eric Balchunas says the outsized trading volume across BlackRock’s spot Bitcoin ETF is proof that investors are panic-buying Bitcoin as the asset nears its all-time high.
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A crypto trader argued that it is easy for crypto market participants to be “convinced sentiment is one way or the other,” while claiming that the sentiment is not “that bullish currently.”
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Analysts say Bitcoin price pullbacks “will happen” and suggest that traders avoid impulsive trading.
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Bitcoin analysts have become optimistic about the asset’s price amid its surge beyond $64,000, with some believing the “summer lull is behind us.”
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Crypto analysts say a daily close above $65,000 will confirm “bullish momentum,” but a possible reversal still can’t be ruled out.
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Tyr Capital’s chief investment officer thinks Bitcoin is more likely to finish September above $60,000 than below.
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If Bitcoin is to maintain its longer-term uptrend, it must avoid breaking down below $56,000, according to a crypto analyst.
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Bitcoin’s volatility is now higher than it was on the day of its all-time high in March, with traders suggesting this could signal the end of the “massive consolidation.”
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If Bitcoin follows the same pattern as previous election years, August will be “nothing crazy,” but a breakout may occur within a month or two, according to a crypto analyst.
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