Bendik Norheim Schei, Arcane’s director of research, told Barron’s bitcoin He said his bulls will be able to target $25,000 if they manage to break the $22,500 level.
In his statement, Schei used the following statements on the subject:
“On the down side, not much has changed. Bitcoin has strong support in the $18,000-19,000 region.”
Other Analyst Says There Could Be Volatility In The Future For Bitcoin In The Coming Period
Another Arcane analyst, Vetle Lunde, is the world’s largest by market capitalization. cryptocurrency believes that Bitcoin, its currency unit, may experience extreme volatility in the near future.
Lunde stated that the current volatility of Bitcoin is at a very low level and historically this should not last long.
According to the analyst, there could be huge volatility in both directions now that investors have managed to build leverage during the extended period of tight-range trading.
So far, the bulls have successfully defended the lower end of the range, not letting Bitcoin slide below the $18,000 level. This could mean that this solid support level is safe for now, although the bulls are not out of danger yet.
As it is known, the BTC price had recently risen above the $20,000 level again. The rally in US-based stocks led the rise.
However, at the time of this writing, BTC is close to falling below this critical threshold again, as benchmark stock indexes are once again trading in the red.
Investors are currently waiting for the US Department of Labor to release nonfarm payrolls figures that could give markets more clues about the rate of rate hikes by the US Federal Reserve for the rest of the year.
The Fed is widely expected to raise rates by another 75 basis points next month, followed by another hike in December.
*Not investment advice.
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