Bitcoin and the high probability of a pullback to the $20,000 level
Bitcoin and the high probability of a pullback to the $20,000 level
Hello dear readers, back with you all to continue exchanging approaches to help us contextualize and project the price action of the major cryptocurrencies by market cap, this time on the high probability that Bitcoin will return to the 20K level before any further upside projection moves.
In an article uploaded a few hours ago on the cryptocurrency news portal Cointelegraph, it is mentioned that the upcoming macroeconomic data from the US, could affect the sentiment of the major markets.
Hence, according to Van de Poppe, a well-known analyst of the cryptocurrency market, there is a high possibility that the rally observed in January in the cryptocurrency market will be reversed and the bearish sentiment will return again.
Among what Van de Poppe said about the long-term status quo, he mentioned the following "I think people should understand that there is no soft landing, that this bearish trend in the markets is likely to continue".
Hence, should a macroeconomic scenario with adverse data materialize the likelihood of Bitcoin price action falling back to the $20,000 and $21,000 area remains the most expected scenario.
SOURCES CONSULTED
Cointelegraph Bitcoin price may retest $20K on US CPI amid absence of soft landing — trader. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating the public domain image background: Cointelegraph
It is worth noting that the end of each year usually marks the beginning of a period of increased volatility in Bitcoin. And should this occur, altcoins would also enter into greater price variability if they continue to maintain correlation.
Institutional investors expect increased volatility in Bitcoin and altcoins, other data also reflects that some futures traders are betting that there will be greater price variability in Bitcoin and altcoins.
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