Is Bitcoin’s Next Target $8,000 or $28,000? 5 Analysts Evaluated!

As low as $15500 after the collapse of FTX bitcoin It has been moving sideways in the $16700-$17500 range for a long time.

We have been following that Bitcoin has not reacted to any positive or negative news lately. In fact, it did not give a serious reaction to the negative news on Binance for the last two days.

With Bitcoin’s sideways pushing the patience of investors, is $5000 his next target? $30,000? The bets continue to rise.

Here are some analysts’ expectations for Bitcoin:

Jacob Sansbury, co-founder of Pluto: “The question we need to ask ourselves now is: Are there any sellers left in this market? I don’t think there are any serious sellers left. Bitcoin miners have exited many positions with great leverage to finance their operations. ”

Looking at the latest data provided by Glassnode, the realized loss in Bitcoin in November exceeded 10 billion dollars. This shows that investors have surrendered to the market and that a large selling pressure has been lifted.

Bob Ras, co-founder of Sologenic: “Many remaining investors in the market have moved their Bitcoins to their cold wallets. This reinforces the $16,000 floor price. It’s hard to expect a serious drop in Bitcoin if there are no more surprises in the market. Without crashes like FTX, Celsius and Terra, the BTC price would be close to $25,000 right now.”

Ben McMillan, chief investment officer of IDX Digital Assets: “Mining is getting more and more expensive, which means Bitcoin miners have to sell more assets to stay afloat. A group of miners are unprofitable when the price is below $20,000 and now we are below that level.

Second, there is a risk that Grayscale will run into financial trouble. This could be the next issue. If the $15,000 level can be held in the event of a DCG problem, it will be a strong indicator for 2023.”

Eddie Tofpik, head of technical analysis at DM Investor Services: “Every time we see a rally, we go one step up and two or three steps down. Therefore, we may face resistance at $17490.”

Arcane Research analyst Vetle Lunde said: “After the chaos in November, buy-side positions started to look attractive. However, uncertainty reigns and bear in mind that we are likely to see a directionless and sideways market where investor interest has plummeted after the big dips.”