Bitcoin’s price recently made a downward correction, but analysts remain optimistic. Popular crypto analyst and trader “Rektcapital” stated that the short-term decline will not affect the overall bullish sentiment.
Evaluating the market, the analyst said in a tweet he shared that Bitcoin could fall as low as $ 38,000 and still maintain its bullish outlook. Bitcoin is currently trading around $39,200. The $38,000 price level corresponds to a roughly 3% drop against the current Bitcoin price.
#BTC could dip to as low as ~$38000 and still maintain a bullish outlook going forward$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) March 4, 2022
Bitcoin’s price performance during the day is associated with increased market anxiety amid the Russia-Ukraine crisis. After the threats of nuclear war from Russia, both the crypto market and the stock market crashed.
Besides, the attitude of Rektcapital in the market is similar to the views of other analysts. BTCfuel, another crypto market analysis account on Twitter, noted that Bitcoin has formed a reversal pattern signaling a change in the prevailing trend and appears poised to head for higher prices.
However, some analysts are not so optimistic. Market analyst Kaleo previously said that a bounce is expected from Bitcoin’s current price range. However, as the price drops to the $40,000 support level, there is more downside than the analyst expected. he accepted.
Long-term price predictions for Bitcoin
Market participants have long argued that despite its price volatility, Bitcoin has a bright future. Key market players, including billionaire Bill Miller, have stated that the Bitcoin price will go up in the long run.
Miller noted that even the conflict between Russia and Ukraine creates a bullish outlook for Bitcoin, due to the importance of owning a financial instrument that is not controlled by any government.
Long-term bullish Bitcoin advocates include Bloomberg’s team of analysts who expect the Bitcoin price to hit $100,000. In a recent report, Bloomberg Intelligence stated that Bitcoin has the potential to beat the stock market this year.
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.