According to PlanB, Bitcoin is preparing to implement a positive movement.
All top cryptocurrencies end the working five-day period with a drop. At press-time Bitcoin is trading at $ 37,675. During the day, the cryptocurrency lost 4.22% of its value, while maintaining the positive dynamics of movement during the week (+ 1.28%).
Against the background of the fall in the bitcoin rate, members of the crypto community continued to analyze the prospects for the further movement of BTC.
PlanB, a well-known analyst in the crypto community, is confident that the second wave of growth awaits the market ahead. This is indicated by the signals of his S2F forecasting model.
The potential for the positive movement of bitcoin, in his opinion, is also indicated by the interest of investors focused on long-term storage of cryptocurrency in BTC.
So it begins https://t.co/GKcIYhwkDA
— PlanB (@100trillionUSD) June 15, 2021
Analyst Willy Wop agreed with the opinion that a digital asset can grow. He drew attention to the fact that at the moment indicators indicate overbought bitcoin. This situation suggests that the stock of BTC sellers has dried up on the market. A decrease in supply, in turn, can lead to an increase in the value of an asset.
I've updated NVT Signal to correct for upward drift in the metric (due to volumes moving off the blockchain and only L2).
And yes, BTC is OVERSOLD at historic levels. pic.twitter.com/1FqTBNhuPb
— Willy Woo (@woonomic) June 17, 2021
Many Bitcoin investors believe that in order to continue the positive movement of the cryptocurrency, it is necessary to gain above the $ 40,000 level.
46k before 34k or I'll give away 2,000$ to a random user who retweets this.
— RektProof. (@RektProof) June 18, 2021
In this case, according to members of the crypto community, BTC will be able to target $ 50 thousand again.
Analyst Lark Davis, in turn, drew attention to the fact that bitcoin is still at risk of continuing to fall. This, in his opinion, is indicated by the likelihood of an early crossing of the curves, which show the average cost of BTC over 50 and 200 days. From the point of view of technical analysis, their touch can be considered as a signal for a cryptocurrency to fall.
Lark Davis believes that only very positive news can neutralize the intersection of the curves. For example, an announcement by a large company like Facebook about an investment in Bitcoin.
— Lark Davis (@TheCryptoLark) June 17, 2021
Meanwhile, the BTC Investing Fear and Greed Index remains in the red. This situation suggests that most investors see risks in buying Bitcoin at the moment.
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