Bitcoin forecasters shared their latest updates for the leading cryptocurrency with their followers. Accordingly, analysts warned investors for BTC to pay attention to certain price levels.
How about the BTC price?
Bitcoin saw a more volatile behavior the previous day, briefly losing support. However, a buying move started from the support and the price bounced back above $19,000. At the time of writing, the BTC price was trading at $ 19,600. However, macro factors seem to continue to affect the leading cryptocurrency. European CPI data and developments on the Russian side are on the radar of investors.
Bitcoin forecasters warn investors
“Today is that day”
Cryptocurrency analyst Capo made a post referring to the next rise of Bitcoin. “Today is that day,” Capo tweeted. He then warned investors that the rise would turn into losses after a while. According to him, the rise in price action will likely go up to $20,000 to $25,000. But after Putin’s much-anticipated speech, he will have a major crash.
“BTC selling pressure has slowed down a lot”
A potentially more optimistic approach came from market analysis team IncomeSharks. IncomeSharks argued that bears have recently become less confident about shorting BTC. “Bitcoin selling pressure has been very slow,” the team told Twitter followers on September 29. Additionally, IncomeSharks touched on United States stock futures. Accordingly, stock futures gained upward momentum. Therefore, price relief has emerged in crypto markets that correlate with stocks.
“European central banks will hit Bitcoin”
In Europe, CPI data for Euro Zone member countries are giving frightening readings to the market. Therefore, the macro picture is much less attractive than in previous months. Market commentator Holger Zschaepitz says German CPI data has risen to 10%, the highest level ever recorded. Accordingly, CPI readings in Germany, II. It hit double digits for the first time since World War II.
Other countries, meanwhile, are seeing similar results. The Bank of England returned to quantitative easing (QE) by purchasing bonds to avoid a meltdown in the UK. Bitcoin forecasters see it as a matter of time before other central banks do the same. It will be negative for BTC if banks take decisions similar to the Bank of England.
“If it stays above this level, be careful”
Cryptocurrency analyst Justin Bennett tells investors what to expect from king crypto if Bitcoin price continues to trade above $18,700. Bennett expects the largest cryptocurrency by market cap to continue in bullish divergence until at least Halloween. He also sees $18,700 as the key for bullishness.
However, he also says that the US dollar has entered a downtrend months later. According to the analyst, there is an inverse correlation between the dollar and crypto assets. That is, if one increases, the other loses value. Bennett underlines that DXY has confirmed the bearish trend, which is potentially good news for Bitcoin.
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