The crypto markets were ready to abandon the bearish trend for the time being, as BTC price held positions above $31,000. There is no doubt that the bulls and the bears were in the midst of an uphill battle, yet the bulls were expected to outperform the bears.
However, bitcoin price fell below $30,000 in early trading hours due to heavy liquidations in the future markets. However, as Star Crypto is refusing to end below $28,000, it is now believed that the price has already reached its lows.
A recent blog written by BitMEX CEO Arthur Hayes, believes the bottoms have been reached, but also states that one cannot expect a ‘V-shape’ recovery. The Hayes 10yr refers to the treasury’s YTD performance and marks a declining correlation between bitcoin and the Nasdaq 100. And so advises traders to ‘babysit their bitcoins’ for a while.
This could be a good entry for BTC Deals!
On the other hand, another popular analyst, KALEO, believes that BTC price may take a quantum jump with flying colors very soon. Before that, however, the analyst explores a few scenarios to get into the BTC deal.
The analyst presents 2 scenarios that can be seen in the upcoming BTC price action. In the first case, the analyst expects the price of BTC to return to the previous day’s low, which is slightly lower than the current level of $29,300. And in the second case, he believes that the price may again return to the $26,000 to $27,000 price zone. This can be a good area to deposit to experience a good respite ahead.
Collectively, analysts here believe that the bitcoin price could be significantly higher, but ultimately the time frame differs. Hence, amid volatile market conditions, BTC price may finally regain its hold and attempt a higher rise soon.