On Sunday evening, the global cryptocurrency market cap rose 1% to $947.5 billion. Because of this, the price of Bitcoin and altcoins has increased. After Sunday, the US stock markets opened in red, while cryptocurrencies remained in the green. Now, as the new process week begins, analysts share fearful price cuts for BTC.
5 analysts shared price predictions for Bitcoin
“FED will hit Bitcoin”
“The FED will not downshift at the next FOMC meeting in November,” said OANDA Senior Market Analyst Edward Moya. According to him, the labor market in the USA is still strong. Therefore, inflation is not falling rapidly. The analyst warns that the Fed may increase interest rates by up to 5% in total. For Bitcoin, Moya says alarm bells are ringing after the non-farm numbers are announced. According to him, BTC seems to remain in the consolidation model. But he adds that the upcoming inflation report could change that.
“BTC can rise to these levels”
Michaël van de Poppe said that “scalping trading” has been enabled for Bitcoin. Scalping means an increase in buying and selling processes in short time intervals. According to Poppe, “if this trade works, long swings will ensue. The analyst also states that the $20,000 level has cracked and therefore we can expect a run to $22,000.
“In a region where you should not buy BTC”
CryptoQuant analyst Dan Lim said in a post that the longer the cryptocurrency market lags, “the fewer short-term buys” there will be. “Bitcoin is in a region where you shouldn’t buy,” he added on Twitter.
“Bitcoin is preparing for a big boom”
Widely followed economist Alex Krüger points to an indicator that marks historically large bouts of volatility in Bitcoin (BTC). Speaking to his 146,200 Twitter followers, the economist examines the BVOL index, which analyzes BTC’s volatility on an annual basis using the time-loaded average price (TWAP). Accordingly, the closing of the BVOL index below 25 preceded major breakthroughs in history. Krüger said:
“Every time BVOL closed below 25, an explosive Bitcoin move soon followed. They were on the upside twice and on the down side once.”
“BTC signals a big move”
In the middle here is Michael van de Poppe, Mt. Gox talked about delaying the distribution of 140,000 Bitcoins. Accordingly, analyst Mt. Gox explained that he does not expect the distribution to have much of an impact on the price. Subsequently, he said that BTC is preparing for a major price move. Poppe also referred to the above index mentioned by Krüger. The analyst mentioned that a big move will come when the index falls below 25.