head of research at Arcane company Bendik Norheim ScheiIn a conversation with Barron’s, he said that if Bitcoin bulls manage to break the $22,500 level, they can target $25,000.
Vetle Lunde, an analyst at Arcane company, believes that Bitcoin, the largest cryptocurrency by market capitalization, may experience extreme volatility in the near future. Lunde also underlined that Bitcoin’s current volatility is at a very low level and historically it should not last longer.
According to the analyst’s forecasts, traders have managed to build leverage over a long range-bound trading period, which could ultimately create harsh volatility in both directions.
Bulls so far bitcoin It did not let its price drop below $18,000 and successfully defended the lower range. Considering that the bulls have not left the market yet, we can say that the support level can still remain strong.
Bitcoin price recently rebounded the $20,000 mark due to the two-day streak recorded by US stocks. However, it has now dropped below that base price level as benchmark stock indexes are trading in the red once again.
After a sharp two-day rally, stocks gave up some gains, which created a drop in crypto prices. For now, traders US Department of Laborexpects to release nonfarm payrolls data figures that could give markets more clues about the Fed’s rate hike rate for the rest of the year.
The Fed is expected to announce another 75 basis point rate hike next month, followed by another hike in December.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.