Bitcoin (BTC) continues to attract the attention of institutional and professional investors, while demand for Bitcoin futures continues to be strong. Analysts suggest that this increase in institutional interest could lead to a price squeeze for the leading decentralized financial asset. Three prominent analysts named Willy Woo, Dave the Wave and Bluntz shared their Bitcoin price predictions. Thus, it provided valuable insight into the future trajectory of the cryptocurrency. Here are the details…
Willy Woo expects Bitcoin boom
According to Willy Woo, demand from calendar futures markets driven primarily by institutions and professional traders has been a major factor influencing Bitcoin’s price. Woo notes that the current increase in demand points to the early stages of another price squeeze, as previously seen in mid-June. However, the crypto expert also pointed out that the statistical analysis showed that the calendar demand was overbought, advising his followers to keep a close eye on the fundamental decrease, which could make the bullish price action “pretty fast” in his next tweet.
As he explains, this base refers to the cost of maintaining an investment. In this case, the base is equal to the cost of maintaining a long position. Therefore, investors can use it as a way to measure demand for futures that have a contract date.
Dave the Wave signals recovery
Meanwhile, Dave the Wave underlines the bullish sentiment surrounding Bitcoin’s recovery. He points to the monthly moving average convergence divergence (MACD) indicator, which he believes confirms a long-term uptrend. Dave the Wave highlights the historical accuracy of the MACD indicator. He suggests that this adds weight to the metric’s current price recovery indicator. Dave the Wave, known for heralding Bitcoin’s price crash in May 2021, also states that there was “a short pause in the weekly BTC MACD after a solid rise.”
Bluntz predicts bull trap
On the other hand, Bluntz offers a different perspective by predicting a potential bull trap for Bitcoin. He suggests that Bitcoin could briefly surpass its yearly high of around $31,500, but experience a significant correction to $29,500. However, Bluntz believes that this pullback will likely be a bear trap and set the stage for the next phase of Bitcoin’s uptrend.
Besides Bitcoin, Bluntz also observes bullish potential in Ethereum (ETH) and Solana (SOL). ETH/BTC presents a bullish pattern with minor pullbacks pointing to possible rallies, with Solana expected to correct to $18 before reversing and surging towards $24.
Considering the forecasts of all three analysts, it is clear that the Bitcoin market is at a critical point. Institutional demand continues to rise. This indicates the potential for a price squeeze. At the same time, the MACD indicator suggests a long-term recovery, while Bluntz warns of a possible bull trap followed by a pullback before the uptrend resumes.
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