Crypto analyst Davinci, Bitcoin He shared his new prediction on the current state of the market, focusing on price movement. Davinci warned of a “bull trap” regarding BTC’s recent rise to $64,000.
While Davinci believes Bitcoin could reach $100,000, 200,000 or even $300,000 in the long term, he expects fluctuations to continue in the short term.
Davinci cited historical trends, including phrases like “Sell in May and walk away,” as indicators of a possible correction. The analyst also highlighted the interest of institutional players in Bitcoin, predicting that this could contribute to increased market volatility.
Citing Fibonacci retracement levels, he suggests that BTC may face resistance around $53,000. However, he recommended tempering expectations slightly while maintaining an appropriate risk-reward ratio.
Later Ethereum The analyst, who made a price prediction for , analyzed the Fibonacci retracement levels. It then set a potential downside target of around $2,400. He emphasized the importance of technical analysis in trading, taking into account other data that supports this analysis.
The analyst also explained the growing importance of stablecoins, noting their potential to surpass Visa in total payment volume by the second quarter of 2024. Stbilcoins have witnessed a meteoric rise since 2017 and are playing an increasingly vital role in the global payments landscape, especially cryptocurrency trading.
When explaining the prevalence of stablecoin trading, he attributed it to governments’ efforts to restrict access to cryptocurrencies. Governments aim to make it harder to buy crypto by creating barriers for users on exchanges like Coinbase.
