Bitcoin (BTC) price is not showing positive sentiments as the cryptocurrency is showing a bearish outlook in its monthly analysis. Its price noted an almost 12% drop in just one month. Also, in recent 7-days, BTC dropped by 7.16%. However, the year-to-date (YTD) price analysis is showing a bullish outlook as per the data sourced from Tradingview.
The Analysts Statements for (Bitcoin) BTC Price
Many analysts have given their predictions about the BTC price so many times. It is not new in the crypto market that any crypto enthusiast or trader predicts cryptocurrencies price. According to a recent report by Yahoo Finance, a crypto analyst, Charles Edwards, recently shared his thoughts about BTC price. As he said in the BTC price chart he thinks the cryptocurrency has “a very bullish pattern developing.”
Another crypto analyst, Geoff Kendrick, a crypto analyst at British multinational bank Standard Chartered, also indicated in a recent report that Bitcoin could hit $100,000 by the end of next year. As he said “stablecoins are losing their pegs that benefit Bitcoin. He also added that investors will increasingly view BTC as the best store of value as opposed to stablecoins.”
Adam Beck, the inventor of Hashcoin and the CEO of Blockstream, also shared his bullish outlook for BTC. He predicted “a price target of $300,000 during the last bull cycle, and while that didn’t turn out correctly, he re-issued a $100,000 price target last year in the midst of the crypto winter.” This bullish prediction for BTC aims on the collapse of decentralized finance (DeFi), that boost crypto users to move money out of Bitcoin and into riskier tokens.
BTC Price Analysis
At press time, the price of BTC is trading at $26,846.61, with 0.22% of price surge in the last 24-hours. BTC noted its last 24-hours low at $26,661.35 while high was at $27,030.48. In one month, the price of BTC dropped from its trading price of almost $30.165.76 to its current trading price. This drop was nearly 12.80% in one month.
As shown in the above chart, BTC price the current trading price of BTC is above from its 100-day EMA. Meanwhile, after the showing bearish trend, the active bulls in the market started showing dominance. Due to which, the BTC price started showing a bullish outlook in recent hours. The RSI of BTC also started reversing its bearish pattern and started trading upward, as present.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/14/bitcoin-price-showing-bearish-trend-see-the-analysts-saying/