Bitcoin price ‘dips are transitory,’ analysts say, as Bitcoin is expected
The “cryptocurrency news” is saying that the Bitcoin price ‘dips are transitory,’ suggesting that Bitcoin will soon head to $75K.
In the cryptocurrency market, volatility reigns supreme, and the Nov. 11 evening sell-off in the price of Bitcoin (BTC) serves as a warning that new all-time highs are often followed by violent whipsaws down to underlying support levels.
Following a low at $62,800 late on Nov. 10, data from Cointelegraph Markets Pro and TradingView reveals that the price of Bitcoin has clawed its way back up to the $65,000 mark, where bulls are consolidating and regrouping for another push higher.
4-hour chart of BTC/USDT. TradingView is the source of this information.
As fears about increasing inflation dominate the news headlines in the United States, here’s a look at what experts are saying about the prognosis for Bitcoin and the cryptocurrency market.
Bitcoin price drops are just “temporary.”
The sudden $7,000 drop in Bitcoin may have surprised some, but according to expert and pseudonymous Twitter user ‘Nunya Bizniz,’ the price movement over the previous few days is normal and temporary based on Bitcoin’s prior behaviour.
Alert: Breaking News:
Bitcoin Price Drops are Only Temporary! pic.twitter.com/DdpL8ggHRo
November 11, 2021 — Nunya Bizniz (@Pladizow)
It’s usual for a run-up in the price of BTC to be followed by a retreat that hits or temporarily drops below the 20-MA before going higher again, as seen in the chart below, which displays the Bitcoin price together with its 20-day moving average (20-MA).
1 day chart of BTC/USDT. TradingView is the source of this information.
The market is affected by Evergrande and inflation.
Jean-Marc Bonnefous, head of asset management at Tellurian ExoAlpha, gave insight into the macro dynamics at play, stating that “there has been considerable conversation about the influence of the Evergrande narrative on the current sell-off in the market.”
Bonnefos said that “Evergrande news is to stocks what Elon Musk tweets are to cryptos,” in that it is “slightly manufactured news to impact markets.”
“The crypto markets seem to be overreacting” to the reports, according to Bonnefos, who also believes that “the latest downturn is probably more of a technical correction following the rapid gain of the prior few days.”
And it’s not only unfavorable stories about Evergrande and influencer tweets that are influencing the crypto market’s price behavior. The recent 6.2 percent increase in the US Consumer Price Index (CPI) also alludes to a crucial element impacting global financial markets and the price of Bitcoin, according to Bonnefos.
According to Bonnefous,
“Beyond the short-term tactical selling pressure, the recent stunning inflation data in the United States should be a supporting underlying driver for Bitcoin prices.”
Here’s why Bitcoin’s $6K loss in only hours was favorable for BTC price activity.
Bitcoin is undergoing a required testing.
Analyst Twitter user ‘GalaxyBTC’ gave one last ray of hope, posting the graphic below, which depicts one conceivable path for the price of BTC to hit $75,000 in the near future.
6-hour chart of BTC/USDT. Twitter is the source of this information.
“According to the analyst,”
“To continue the bull run in a healthy way, yesterday’s retest was required. “I believe we will now begin pumping more vigorously.”
The total cryptocurrency market capitalization is currently $2.847 trillion, with Bitcoin commanding 43.1 percent of the market.
The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
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