BTC/USD Daily Chart
Analysts’ opinion on where Bitcoin trends next in the near term may be mixed, but generally remains bullish.
Guy Hirsch of eToro trading stated that due to a lot of open interest at $52,000 and $56,000 as indicated from the options market data, Bitcoin may find itself trading in this range in the coming months.
Hirsch noted that near-term sentiment may be generally neutral however the long-term sentiment for Bitcoin remains bullish, opining the profits from Altcoins would likely cycle back into Bitcoin in the long run.
OKEx investment analyst, Robbie Liu believes Bitcoin will likely reclaim $42,000 as the long/short ratio ranged near 1.20 which is quite bullish. Chad Steinglass, head of trading at CrossTower believes BTC will trend higher once it surpasses $40k.
Scott Melker, a cryptocurrency trader, noted Bitcoin is depicting a favorable technical market structure that could lead BTC to hit $63,000 in the coming sessions.
Denis Vinokourov of Bequant crypto trading noted that BTC consolidating below $38,000 for some time indicated “efficient price discovery,” he further added that once the $40,000 level breaks, BTC’s next move is anyone’s guess.
On the flip side, Joel Kruger, a cryptocurrency strategist believes that Bitcoin’s rally to the $41,000 level may present a more “meaningful” resistance area, pointing to a consolidation scenario rather than an uptrend. According to him, BTC weekly and monthly technical charts are still in severely overbought territory. Stating:
“We don’t believe the market should be expecting a meaningful bullish continuation beyond $40,000 just yet.”
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