It is a matter of curiosity what will happen for Bitcoin (BTC) in the short term. We have prepared seven predictions for you to watch. Let’s see what’s in the details?
Will Bitcoin rise in the short term?
Jurrien Timmer, global macro director at Fidelity Investments, has revealed his thoughts for Bitcoin. Accordingly, he says that the alternating rise and fall cycles of crypto assets are similar to a technology bubble. Timmer points to Amazon and Apple. Accordingly, he states that the two companies have technology stocks that benefited from the technology bubble. In this context, cryptocurrencies are similar to them. According to Timmer, Bitcoin (BTC) could become the “Apple” of crypto assets. According to Timmer, Apple’s shares fell significantly during the dot-com bubble. Timmer emphasizes that the same will happen for Bitcoin. Apple was trading at $0.22 in 2002. Now it is around $177. There is a gain of about 80,345%. According to Timmer, Bitcoin will reveal the same situation.
The host of InvestAnswers is addressing 444,000 YouTube subscribers in a new update. Accordingly, he says that Bitcoin (BTC) will likely rise once the 50-week moving average retraces the 200-week moving average. On the other hand, according to Bob Baxley, Chief Technology Officer of DeFi infrastructure platform Maverick Protocol, crypto markets have to take a development into account. This has to do with the US Treasury’s overall account, which has shrunk significantly over the past few months. In this regard, Baxley noted that with the steps of the US treasury, crypto liquidity could decrease significantly.
Interpretation of sales for BTC
Bitcoin and cryptocurrency trader Justin Bennett looks at yesterday’s sales in the Bitcoin (BTC) markets. Accordingly, he says the sales may be due to institutional investors balancing their books. According to him, big institutions close their books. As a result, in the last 24-48 hours of the month, the markets become irregular and unstable. Therefore, how Bitcoin will be traded in the first week of June will be decisive. However, if the bulls fail to reclaim $27,500-27,650 quickly, there will be some selling towards $26,500. In such a case, there are potentially lower levels. According to crypto expert and economist Mr. Ben Lilly, the $24,000 price level is acting like a bulls-eye for Bitcoin. It signals a potential price drop in the coming months.
Lilly’s analysis is based on Bitcoin’s 200-day moving average (200d MA), which he believes is an important technical indicator of the cryptocurrency’s price cycles. Every four-year halving cycle for Bitcoin begins with the failure of the 200-day moving average (MA), as illustrated in a chart shared by Lilly. This failure tends to set multi-year price cycles. This is why Lilly believes history repeats itself. Based on this theory, Lilly states that the failure of the 200-day MA could occur between June and August of 2023. He also emphasizes that the price will come below $24,000. However, it’s important to note that the 200-day MA is rising faster than before. Because with each passing day, it points to higher points than the lowest levels of November. As a result, it puts a new price in its place. This acceleration can be seen last week at the faster rising 200-day MA.
Will the ascension come?
On the other hand, despite the recent fluctuations in the cryptocurrency markets, one expert remains optimistic about Bitcoin’s long-term prospects. Cryptocurrency analyst and trader Jackis believes current market conditions point to a long period of reaccumulation before Bitcoin rises. According to Jackis, Bitcoin is still making higher lows. Accordingly, it is above all critical moving averages. All in all, this is a positive sign for the long-term growth of the cryptocurrency. There are short-term bearish movements. But Jackis notes that these are just concussions. Ultimately, he believes the big picture will be the uptrend.
The Democrats’ presidential nominee, Robert F. Kennedy Jr. He considers Bitcoin (BTC) to be the “perfect base currency.” Announcing last month that he will be running for the Democrats in the 2024 presidential campaign, Kennedy said there should be “exit ramps” like crypto assets that allow Americans to avoid central bank-induced inflation. Stating that he is not a Bitcoin investor, Kennedy stated that the foundation of BTC is trust. cryptocoin.com When we look at it, the highlights are as follows:
“Bitcoin is an excellent base currency. Because there is a limited amount… Bitcoin that exists in the world can be divided forever. That’s why it’s an excellent currency. It also has intrinsic value and offers people a way out. No one can manipulate it. There is no human being who can manipulate this. What’s going on with Bitcoin is very, very democratic. Everything is decided by all miners in a democratic way and with algorithms that cannot be manipulated.”
25,000 highlight for bitcoin
CrediBULL Crypto shared a chart analysis on the Bitcoin (BTC) chart that highlights critical areas that affect its forecast. These include a CME gap, a supply zone, and a support level. However, the most important indicator influencing CrediBULL’s forecast is the OI level, which it says has a lot of room for a short-term downward price move.
The confluence of events shared by CrediBULL shows that Bitcoin (BTC) price will fill the CME gap below. It also shows that the price will decline with the OI until it reaches a bottom. Ultimately, CrediBULL predicts that the price will fall further if the support of around $25,000 is broken.
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