The analyst, nicknamed DonAlt, explains why the leading crypto is going to decline. On the other hand, veteran analyst Michaël van de Poppei expects a boom after a short decline. Arthur Hayes, former CEO of BitMEX, talks about the rise of artificial intelligence and Bitcoin (BTC). Finally, according to Mark Cuban, crypto is a better option for many financial activities.
“My feelings say Bitcoin price will crash!”
Saying that Bitcoin (BTC) will bottom out in November 2022, analyst nicknamed DonAlt explains why the leading crypto will fall. The analyst says his “instinctive feeling” is that Bitcoin will crash. In this context, DonAlt comments:
To be honest, my gut tells me we’re going to be bombarded. It takes too long to rise, the S&P 500 is at resistance, it gets too silly. However, my instincts may be wrong as I don’t have a position and haven’t been watching the market much lately. So I’m just going to watch the technical data and they are in neutral right now.
DonAlt says the filing of spot Bitcoin exchange-traded funds (ETFs) by giant Wall Street firms like BlackRock is already a catalyst that should trigger a rally. From here, “Bitcoin is currently consolidating above resistance. The problem I’m having with all this is that I think the ETF thing is big enough that it needs to be pumped already. And it worries me that it hasn’t been pumped yet,” she says. According to the analyst, Bitcoin needs to hold the $29,000 support level to avoid a major correction.
Bitcoin saw the bottom level!
Veteran analyst Michaël van de Poppe says that Bitcoin is approaching the bottom of a short downtrend. The analyst states that BTC should turn up again before falling further. In this context, he makes the following statement:
Low levels are picked up again. It has to come back here. Otherwise, the $28,500 scenario for Bitcoin seems likely. Markets expect rate hikes due to positive unemployment data.
According to Van de Poppe, traders who have jumped to BTC recently due to fear of missing out (FOMO) are probably feeling the sting of a momentary correction. He also predicts that BTC could drop below $30,000 again. “Typical FOMO buyers get hit in a momentary correction. Thus, we come back to the decline in Bitcoin. More horizontal movement possible. Maybe even $29,900 is possible,” he says.
Leading crypto on the verge of double-digit explosion
Meanwhile, Michaël van de Poppe expresses his bullish sentiment on BTC. Based on the Fibonacci extension tool, the analyst predicts Bitcoin to hit a new 2023 high of $41,000, up over 30% from current levels. In this context, the analyst makes the following assessment:
To continue this uptrend, you want to achieve a new clear high. After all, this is a bull cycle uptrend as we usually see here. There are a few crossovers on how you can identify them. You can start identifying with the Fibonacci extension tool based on the previous corrective move… In that case, we can start looking at a rally towards $41,000.
Bitcoin’s value will increase with the rise of artificial intelligence
Arthur Hayes, former CEO of BitMEX, boldly proclaimed Bitcoin as the currency of the future in a recent blog post, especially when paired with advances in artificial intelligence (AI). Hayes believes that Bitcoin’s unique features, such as its distinctive digital nature, resistance to censorship, and limited supply, make it the ideal currency for AI systems.
Hayes predicts that there will be a significant increase in Bitcoin’s value if the AI economy embraces it. Based on his forecast model, he predicts that the AI industry will make up a significant portion of between 5% and 50% of global GDP by 2025 or 2026. This growth potential supports Hayes’ prediction that Bitcoin will reach $760,000.
Crypto is a better option for many financial activities
Billionaire famous investor Mark Cuban thinks Blockchain technology is a better option for traditional finance (TradFi) activities. Cuban says it has outstripped traditional banking systems in a number of areas. “Now let’s discuss traditional lending versus crypto lending. It’s simply a matter of trust and process,” Cuban explains.
There are layers of management and systems to protect against corruption in banking, social engineering attacks, and more. These layers limit cost, time, complexity, and worse, access to many who need it. In crypto, on the other hand, there are transparent smart contracts with clear rules that anyone can access. Both have the risk of being hacked. But smart contract risks decrease over time.
Cuban also says that appropriate crypto regulations, such as strengthening customer protections, will only enhance the virtues of digital assets and increase their advantage over TradFi. Based on this, he comments:
None of this changes with regulations or requirements for how funds are processed and stored. In fact, both will make the advantages of smart contracts for finance even stronger, making them more secure and a better solution for many loan and finance needs. Again, with a brilliant arrangement, consumers can be protected and benefit from the advantages of technology.
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