Analyst claims Bitcoin will break the $ 40,000 threshold, S2F audit shows BTC could hit $ 85,000 by year-end – market updates Bitcoin News
Bitcoin prices have been range-bound and consolidating for quite some time, but have soared over 9% in the last 24 hours after Elon Musk’s tweet on Sunday. A number of crypto analysts are still unsure about the future price of Bitcoin, while some expect a rebound from last month’s lows. A market report notes that Bitcoin is likely to rise again “the line of the stock up to the river” in the coming months, which will result in a price of about $ 85,000 by the end of the year.
Financial analyst: Bitcoin is likely to cross the psychological threshold of $ 40,000 again
Elon Musk’s tweet – which said Tesla would accept Bitcoin again if the energy used to process transactions was at least 50% renewable – caused the price of Bitcoin (BTC) to rise over 9% as the crypto asset turned Again the 40th Alex Kuptsikevich, senior financial analyst at Fxpro, stated in a note to Bitcoin.com News that there has been a lot of commotion recently in the cryptocurrency world.
“The crypto market is experiencing another phase of excitement following the positive decision by the Parliament of El Salvador to include Bitcoin in the country’s official payment options,” emphasized Kuptsikevich in his note. “This precedent can hardly be underestimated worldwide, which is why we are now experiencing such strong positive price momentum. Investors who have delayed their purchases until recently are entering the market. ”Kuptsikevich went on to add:
In the past 24 hours, Bitcoin has added 13% and changed hands for $ 39,500. Thus, the benchmark cryptocurrency is trying again to cross the $ 40,000 threshold. The success of this test of local highs will determine the near-term outlook for the entire crypto market. The total capitalization of cryptocurrencies in the past 24 hours increased by $ 126 billion. It is very likely that if the threshold is successfully crossed, we will experience a new buying dynamic that will push the first cryptocurrency into the $ 42-44,000 range.
Decentrader analysis: “New all-time highs for Bitcoin before the end of the year”
Another market update penned by Decentrader shows that the leading crypto asset is trying to turn things around. According to Decentrader’s analysis, coupled with the Stock-to-Flow (S2F) pricing model, there is also the possibility that BTC could hit new all-time highs this year.
“The fact that the price has now been below the 200DMA for several weeks is not a bullish sign,” states the Decentrader analysis. “However, [closing] over 200DMA and 128DMA would give the market a lot of confidence, ”added Decentrader researcher Philip Swift.
Decentrader uses some indicators like SOPR (Spent Output Profit Ratio), an Active Addresses Sentiment Indicator and Stock-to-Flow (S2F) divergence. What is interesting about Stock to Flow right now is how far price has moved from the Stock to Flow line.
“The divergence tool at the bottom of the stock-to-flow diagram shows the extent to which the price is moving towards the flow level on both sides of the stock. On the map [above] We see that the price is below the stock flow line and has only been four times as far from it in all of Bitcoin’s history, ”explained Swift.
Decentrader researcher Swift pointed out that after each time in 2012, 2013 and 2017 the price of BTC recovered remarkably from significant declines and rose back to the S2F level. “The last time was in Bull Run 2017 when the price was $ 1,900 before rising to $ 5,000 in the next 6 weeks,” said Swift. The Decentrader Analyst insists:
Even if we may not recover as hard and quickly this time, basically nothing has changed in the way Bitcoin works, nothing is broken, we are just seeing a lot of poor media coverage after a strong rally at the beginning of the year. So it is entirely possible that the price will return to the stock-to-flow line in the coming months. That would mean new all-time highs for BTC before the end of this year, as the stock-to-flow line is currently at $ 85,000.
Delta Exchange CEO: “Bitcoin’s options market shows a 30 percent chance BTC will close at $ 50,000 by the end of July”
Decentrader and Kuptsikevich’s BTC price outlook is very different from those who feel pessimistic about the crypto markets. Investment bank JPMorgan Chase and its group of analysts believe that a bearish fall in prices could be imminent in the future of Bitcoin. JPMorgan Chase researchers noted “an unusual development and a reflection of the current weak Bitcoin demand from institutional investors.” In another report, JPMorgan noted that “small nations in a similar location” might follow El Salvador’s trend.
Delta Exchange CEO Pankaj Balani told Bitcoin.com in an investor release that Bitcoin’s options market has a 30% chance of BTC closing at $ 50,000 by the end of July.
“After a volatile week, Bitcoin has recovered and is trading at almost USD 39,500 on site. Market sentiment remains cautious as traders continue to pay a premium for downside protection on the monthly and quarterly maturities, ”said Balani. “With the weekly and bi-weekly runtimes, however, the Call IVs have started to rise and are approaching those of the puts. The options market expects a nearly 30% chance that Bitcoin will be close to $ 50,000 by the end of July and a 15% chance that it will be close to $ 30,000 for the same maturity, ”added Balani.
What do you think of the recent outlook for the Bitcoin market from the analysts watching these crypto markets? Do you imagine Bitcoin bouncing back to all-time highs? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Decentrader.com, Bitcoinwisdom.io,
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