Bitcoin (BTC) bulls are still hoping to see a major breakout but currently bears are putting pressure and holding the cryptocurrency around $61,000. So, what do famous analysts and traders say about BTC’s next move? Here are the comments of three analysts…
Michael van de Poppe: “Bitcoin is still on the way to $90,000”
While some traders are bored with Bitcoin’s sideways price action, independent market analyst “Rekt Capital” recently posted the chart below, which highlights that BTC has turned a major resistance level into support. “Although BTC has been moving sideways for weeks… It continued to successfully retest the previous major resistance area (red) by establishing new support (green).”
As for what will happen if BTC manages to hold support here and head higher, analyst Michaël van de Poppe posted the chart below outlining a possible path the price could take as it ends 2021, saying, “Bitcoin is still on its way to $90,000.”
$80,000 target from analyst
A simpler and clearer price prediction was provided by Twitter user GalaxyBTC, who was expecting a breakout target of $80,000. “I try to keep things as simple as possible. $60,000 is the new $40,000. $80,000 is next,” he said, and shared the chart below:
Meanwhile, whale wallet activity still has a significant impact on Bitcoin price, according to CryptoQuant CEO Ki Young Ju, who says that whale wallets exchange deposits dominate. As highlighted above, most Bitcoin exchange deposits are handled by whale wallets, but exchange reserves continue to dwindle. According to the analyst, this is a bullish sign for BTC, as reduced purchasable supply tends to lead to price increases when demand increases.
cryptocoin.com As we have also reported, the overall cryptocurrency market value is currently around $2.86 trillion, with an increase of 0.1 percent, and Bitcoin’s dominance rate is 41 percent. Meanwhile, with a market cap of $1.16 trillion, Bitcoin is changing hands at $61,600, down 1.1 percent. The last 7-day change is also hovering around 1%.
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