Bitcoin prices have been in range and consolidation for a long time, but they have risen by more than 9% in the past 24 hours after Elon Musk tweeted on Sunday. Many crypto analysts are still uncertain about the future price of Bitcoin, while some expect it to rebound from last month’s lows. A market report pointed out that Bitcoin may rebound in the “inventory flow line in the coming months”, resulting in a price of around $85,000 before the end of the year.
Financial analyst: Bitcoin may once again exceed the psychological threshold of $40,000
Elon Musk’s tweet stated that if at least 50% of the energy used to process transactions is renewable energy, Tesla will once again accept Bitcoin-as the encrypted assets once again approach the $40,000 range, Bitcoin (BTC) Prices have risen by more than 9%. Fxpro senior financial analyst Alex Kuptsikevich explained in a report to Bitcoin.com News that there have been many new excitements in the cryptocurrency world recently.
“After the El Salvador Parliament made a positive decision to include Bitcoin as the country’s official payment option, the crypto market is going through another exciting phase,” Kuptsikevich emphasized in his report. “It is difficult to underestimate this precedent globally, which is why we are seeing such a strong positive price momentum now. Investors who have delayed buying until recently are entering the market.” Kuptsikevich continued to add:
In the past 24 hours, Bitcoin has risen by 13% and changed hands for $39,500. Therefore, the benchmark cryptocurrency once again tried to break the $40,000 threshold. The success of the local high test will define the short-term prospects of the entire crypto market. The total market value of cryptocurrencies has increased by $126 billion in the past 24 hours. If we successfully break through the threshold, we are likely to see new buying momentum, which will push the first cryptocurrency to the $42-44,000 area.
Decentrader analysis: “Bitcoin’s record high before the end of this year”
Another market update written by Decentrader saw leading crypto assets trying to reverse the situation. According to Decentrader’s analysis and the stock-to-flow (S2F) price model, BTC may also reach a record high this year.
Decentrader’s analysis pointed out: “The price has now stayed below the 200-day moving average for several weeks. This is not a bullish signal.” “However, [closing] Higher than 200DMA and 128DMA will bring a lot of confidence in the market,” Decentrader researcher Philip Swift added.
Decentrader utilizes some indicators such as SOPR (Spent Output Profit Rate), Active Addresses Sentiment Indicator, and Stock-to-Flow (S2F) Deviation. The interesting thing about Stock to Flow now is that the price has moved away from the Stock to Flow line.
“The divergence tool from the bottom of the stock to flow chart shows the extent to which the price has moved to either side of the stock to the flow level. On the chart [above] We have seen the price trend below the stock flow line and have moved away from it only four times in the entire history of Bitcoin,” Swift explained.
Decentrader researcher Swift emphasized that after 2012, 2013 and 2017, the price of BTC rebounded significantly from a sharp drop to the S2F level. “The last time was in the 2017 bull market, when the price was $1,900, and then it rose to $5,000 in the next 6 weeks,” Swift said. Decentrader analysts insist that:
Although we may not rebound so violently and quickly this time, fundamentally speaking, the way Bitcoin works has not changed and there is no problem. We just experienced a lot of bad media reports after the strong rebound at the beginning of the year. Therefore, we are likely to see prices return to the stock liquidity line in the next few months. This will mean that BTC will hit a record high before the end of this year, because the Stock to Flow line is currently at $85,000.
CEO of Delta Exchange: “Bitcoin’s options market shows that the probability of BTC closing at $50,000 by the end of July is 30%”
The BTC price prospects of Decentrader and Kuptsikevich are very different from those of those who are pessimistic about the crypto market. The investment bank JPMorgan Chase and its team of analysts believe that the future of Bitcoin may see a bearish price collapse. JPMorgan Chase researchers pointed out that “this is an unusual development that reflects how weak institutional investors’ demand for Bitcoin is currently.” In another report, JPMorgan Chase noted that “small countries in similar situations” may Will follow the trend of El Salvador.
Delta Exchange CEO Pankaj Balani explained to Bitcoin.com in an investor report that the Bitcoin options market shows a 30% probability that BTC will close at $50,000 by the end of July.
“After a turbulent week, Bitcoin has rebounded and the spot transaction price is close to $39,500. Market sentiment remains cautious as traders continue to pay a premium for downside protection that expires monthly and quarterly,” Barani said. “However, at the weekly and bi-weekly expiration, Call IV has begun to rise and approaching put options. The option market pricing is close to 30% probability that Bitcoin will be close to 50,000 USD at the end of July, and close to 30,000 within the same period. The probability of the dollar is 15%,” Balani added.
What do you think of the recent outlook for the Bitcoin market by the analysts who monitor these crypto markets? Do you think Bitcoin will rebound to historical highs again? Please tell us your thoughts on this topic in the comments section below.
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