Bitcoin: analysts predict short-term jump before a downturn

As per the consensus among analysts, the forecast for Bitcoin indicates that it will undergo a transient upswing prior to a downturn.

According to Ali, a prominent cryptocurrency analyst, caution should be exercised when selling Bitcoin. He further emphasizes this by using his TD sequential indicator, which highlights the temporary nature of Bitcoin’s upswing and the likelihood of a subsequent downslide.

Contrary to Ali’s understanding and observation, a separate analyst, Rekt Capital, paints a somewhat rosy picture instead. According to him, Bitcoin’s downward slide stopped in the middle of last month, giving way to a climbing spree.

Bitcoin experienced this price fluctuation when its value dropped to $58,000. According to Rekt Capital, this suggests that the cryptocurrency will soon see its sunshine.

The vibes suggesting the selling of Bitcoin come at a time when its value is witnessing a jump of 7.6%, standing at a high figure of $66,567. After a quick drop, it fell slightly to $65,592.

Rekt Capital understood the significance of Bitcoin dropping to $60,000, indicating that it should hold on to this level to go north. The cryptocurrency’s rising to $66,000 just a short while ago signifies the constantly changing scenario, but it is also a good omen for Bitcoin overall. 

In the meantime, Galaxy Digital’s Mike Novogratz shared his thoughts and commented that the crypto space is at a crucial crossroads, where instability seems to be the absolute keyword.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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