Bitcoin traders fight to survive the declining BTC market that bounced below $40K at an alarming speed. Today, BTC lowered to $39.2K giving a big red signal for investors to pull out. With so much pressure in the market, what is Bitcoin’s future prediction?
Following the interest rate released by the U.S. Federal Reserve, fears of inflation, food shortage, and the Ukraine-Russia War, Bitcoin is suffering from a decline in the crypto market.
The digital currency tried to bounce back to $40k to $42k, but the recent reports show the BTC price to be $39.2k. This is quite worrying for investors because anything lower than $40k is considered to be alarming.
With the sudden decline in the Bitcoin market, investors are questioning what will be the future of BTC, will it stabilize after a while or remain under $40,000 for a long time?
What do the experts say?
The expert crypto analysts and veteran traders share their insights into Bitcoin’s future.
According to the CEO of My Digital Money, Collin Plume, Bitcoin is expected to move up little by little. When the price reaches the $42k level it will be an alarming sign for it to rise. He predicts, “It will make several attempts to break $50K, and it will fail many times, but once it crosses $50K, it will pull back again before it jogs to $60k.”
Michaël van de Poppe, a market analyst, calls traders to keep an eye on. Once BTC reaches the green zone of $43k to $44k, it will signal a rise.
In case, Bitcoin lowers below $39k in the coming days, then the level would be between $37k to $40k. But that is highly unlikely.
Another market analyst, William Noble says, “Bitcoin will likely become the dominant cryptocurrency between now and August,”
And financial advisor on Twitter, McKenna believes: “I don’t even think we see sub $30,000, I’m more in favor of just choppy price action in this range which is also hell. Just need corn to chill and let my altcoins run.”
The chart posted by Philip Swift provides a clearer insight into the 1-year MA (moving average) for Bitcoin.
The chart shows promising rising results. For Philip, this decline and rise is a “pivot point” based on Bitcoin’s historical data. However, a clearer picture of the increase in the price market will emerge once it reaches the 1-year MA.
BTC’s future is quite divided but the crypto community hopes that this decline is short-term and Bitcoin might see some stability in the coming weeks. Currently, Bitcoin caps 41.4 percent of the cryptocurrency market, which stands at $1.874 trillion.