The Bitcoin price is losing its upward trend. While they still managed to hold the support at USD 55,000, the trend was bearish (-6.6%) last week after a failed attempt to remove the USD 60,000 resistance.
Jiang Zhuoer is the CEO of BTC.Top Mining Pool. He claimed that things could go further south as the year progressed. In a recent interview with Wu Blockchain, citing “study models”, Zhuoer predicted a change in crypto market dynamics.
Bitcoin’s price is up 824.4% in one year, but Zhuoer believes the market could move “from a bull to a bear” between September 2021 and June 2021.
BTC.Top is one of the largest mining pools in the industry. Data from Statista shows that this pool owned 0.75% of the total Bitcoin hashrate in mid-February. Wu interviewed other representatives of the blockchain industry in China and received similar predictions. The idea behind this reasoning is:
They believed that this fall could turn into a bear. The reason was the economic recovery following the popularization of the vaccine and the beginning of a change in US monetary policy. (…) After Tesla bought $ 1.5 billion in Bitcoin and Meitu bought $ 90 million in Bitcoin and Ethereum, there are no other large publicly traded companies in North America and Asia to pursue.
A Bitcoin ETF approval in the US or another company like Tesla that introduces BTC could rekindle the upward momentum. Commenting on the opportunity, Michael Saylor, CEO of MicroStrategy said:
If you go back to March 2020, it was just the rare institution affected. In the following 12 months there was an avalanche of institutional engagement. MicroStrategy is the first publicly traded company to make a significant investment, but Square followed suit. And Tesla followed him. But they are the tip of the iceberg.
Where could the price of bitcoin go in the coming days?
In the short term, newsBTC crypto market strategist Aayush Jindal sees an opportunity for BTC to spike again if support is held at the $ 57,000 level. Bitcoin is currently trading at $ 57,488, which is 3.3% of the losses on the 24-hour chart.
Bitcoin with declining performance last week. Source: BTCUSD TradingviewTrader Bitcoin Jack is cautious about Bitcoin price movements, believing that there are “many reasons” why the cryptocurrency continues to retreat. The trader believes BTC could drop as low as $ 45,000, he added:
Looks pretty weak to me, biased neutral to bearish. Will look for places where bounces can hedge until they get light again. Maybe I’m wrong, but to be bullish I wanted to hold 57.5 and watch ath’s press. I think the price wants to test demand at high 40s / low 50s
It's the calm before the storm. What to do if the Fear and Greed Index turns gray Warren Buffett...