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Crypto market technical analysis, price forecast and sentiment
List of Partners vendors. It's a phenomenon familiar to anyone who follows the cryptocurrency industry. A prominent figure—the CEO of a digital currency exchange , a key developer or researcher, a successful cryptocurrency investor—makes a dramatic prediction about the price of Bitcoin or the general movement of the digital currency sphere.
Many of these predictions call for major shifts away from the current climate. As is usually the case in the financial world, sometimes these predictions come to pass. But more often than not, these predictions never come to fruition. Nonetheless, many experts in the field as well as those who consider themselves "experts" continue to make price predictions for Bitcoin and other digital currencies, and investors still seem to take heed.
Below, we'll explore why any cryptocurrency investor should take a price prediction with a good degree of skepticism. One of the major problems with many price predictions about Bitcoin is that they lack sufficient analytical support to back up their claims. However, the issue is that many predictions are delivered without evidence and analysis to support them.
The macroeconomist Peter Tchir believes that Bitcoin price forecasts, in particular, are overhyped.
Bitcoin Price Prediction | Will Bitcoin Rise Once Again?
In a profile in Forbes , Tchir said that some prominent figures in the industry who push for sky-high prices are doing so for reasons that may not be linked to fundamentals. When a CEO of a popular exchange calls for a Bitcoin price that is significantly higher than what it is valued at today, Tchir suggests, it could be that the CEO is pushing his own "strong incentives to see crypto thrive. In other cases, the forecast may come from an analyst with a "permabull" stance.
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So, a retracement to 56, - 58, USD may easily occur in the next three months. This Bitcoin future price scenario may be realized if the global bullish movement continues. If the price drops below 38, USD, I will have to revise this outlook. Thus, consolidation has seemed to be the likeliest scenario so far.
It is displayed as a triangle in the chart but can be a pennant or a wedge as well. Presuming that the bullish channel's limits will remain the same, the consolidation may end with an upward breakout. The historical maximum of 58, dollars for 1 Bitcoin may then become a serious obstacle. If that level is broken out, we are very likely to see sharp ascending momentum, something similar to the historical peak's breakout at 20, USD. That movement can potentially develop to the channel's upper limit, which will be located at around 80, USD. That level will be a natural magnet for the buyers as it is very close to , dollars.
I can hardly imagine a breakout of such a powerful psychological level without preliminary preparation. Most probably, profits will be fixed nearer to the end of as Bitcoin consolidates at the lower limits of the trading channel. The limits of Bitcoin 's projected value for each month are presented in the table below. The first four parts of the A wave have completed, and the final, fifth wave is still forming. Wave 5 is a simple five-wave impulse ----.
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Since September , the price has been rising in the final sub-wave . Let us examine its structure in more detail in the eight-hour timeframe. The upward impulse wave  is composed of the sub-waves 1 - 2 - 3 - 4 - 5. Waves 1 and 3 are simple impulses, wave 2 is a simple zigzag-shaped correction, and the bearish corrective wave 4 is a triple zigzag.
There is now forming the final motive wave 5 , namely, its last, fifth, leg — impulse 5. The market should soon end the downward corrective wave . Next, the price should resume rising in wave  to a level of You can read here daily short-term Bitcoin price predictions with signals based on wave analysis. Is Bitcoin expected to rise?
Bitcoin in Short
What applies to the weather forecast also applies to a Bitcoin price forecast. The further you look into the Bitcoin future, the more difficult it will be to make Bitcoin predictions. In , the world may look very different from what we now sketch. Nevertheless, we make an attempt. What will bring for Bitcoin? Many analysts agree that Bitcoin does not take the middle ground. We do not dare to make an exact prediction of the price of Bitcoin in The Bitcoin price simply depends on too many factors.
For example, who could have predicted in advance that a pandemic would develop in , causing Bitcoin to fall 40 per cent in one day? We can, however, look at the long-term price development. And at the moment, things are still looking good for bitcoin. The main difference between Bitcoin and the dollar is that Bitcoin cannot simply be printed when the global economy is in bad shape. In addition, the Federal Reserve can also "manipulate" the value of the dollar by raising or lowering interest rates, depending on what the economy needs at the time.
The result: inflation. New Bitcoins, on the other hand, are issued at a predetermined rate. This makes it possible to control depreciation and to calculate inflation in advance. Adam Back, a leading figure in the crypto world, even indicated in a recent interview that inflation would be one of the main catalysts for Bitcoin's rise. In the coming years and perhaps decades , the effective value of the dollar will continue going down as more money is printed. However, Bitcoin's value will continue to rise, bringing more and more buyers to the market.
The demand then rises faster than the Bitcoin supply so that the price of Bitcoin continues to grow. Analyzing historical price charts may come in handy when making price predictions:. Should I invest in Bitcoin? Now you may have this question in your mind. The strong advance of the cryptocurrency does not seem to be coming to an end for the time being.
So — Bitcoin: buy or sell? Based on multiple expert analyses, here is a potential BTC price prediction for the rest of It is likely that more and more asset managers are starting to see a profit in crypto coins. Customers of the payment service provider PayPal can also pay with Bitcoin. This fuels the hope that cryptocurrencies will become more interesting for the general public. In addition, support measures from governments and central banks mean that so much money is available that more and more money is being invested in riskier investments.
Cryptocurrency Trend Analysis and Predictions
Finally, there is a group of people who expect Bitcoin, like gold, to be a good investment because it is not susceptible to inflation. The current advance started last year.
The digital currency then roughly quadrupled in value, according to data from coinmarketcap. We do not dare to make a realistic prediction of the price of Bitcoin in The same reply is even more applicable here. We cannot make reliable projections of the price of Bitcoin for the year The price of any cryptocurrency depends on a lot of factors and can change in the blink of an eye.
How high will Bitcoin go? The Bitcoin potential is strong for sure. Bitcoin will rise. Most crypto experts seem to think so. Some predict that a new all-time high will be reached in ! One thing that can provide support is the involvement of large parties in crypto. For example, Facebook is developing a stablecoin with a value linked to a basket of fiat currencies such as the euro or the dollar. Central banks are also working on digital currencies. This will make people more accustomed to cryptocurrency.