The latest week has been quite a showtime for Bitcoin. The buzz around ETFs and regulational obscurity made it possible for BTC to be in the spotlight. Even well-known altcoins like ETH, WBT, or XRP faded in the background for analysts. The hype reached its peak as BTC set up on the bullish rails – not only in the market, but in the media too.
Still, no one has ever cancelled Fear & Greed in the turbulent crypto environment. And to level it, we’ll turn to credible investors and analysts, and try to outline the future of Bitcoin and, consequently, the crypto market prior to its halving.
Let’s get the ball rolling!
Michaël van de Poppe on Bitcoin: Potential Longs Era
A highly-reputable technical analyst Michaël van de Poppe has a stance that Bitcoin is currently “into that area of potential longs”. In his opinion, “Dollar & Yields turning down, Nasdaq & Gold up. Bitcoin is lagging behind.”
Amidst the pump of BTC that took place on October 16 and resulted in the price of $29,388, van de Poppe outlined that the asset “reversed the trend”. He also presumed that the dips will continue kicking in, yet regarded it as the opportunity to buy. Crucially, he calculated that the optimal price for entering is ca. $27,300.
What is more significant, Michaël van de Poppe set this clear: the bullish trend is in action and won’t be reversed, highlighting that dips happening amidst it are essential to cast the eye on.
Still expecting it to be ‘Buy the Dip’ season, through which I assume that, if we reach $27,300/$27,700 you’d be a buyerMichaël van de Poppe
Altcoin Sherpa: Market is Technically Bullish, But There Is an If
Contrary to Michaël van de Poppe, Altcoin Sherpa does not consider the market structure fully bullish. In response to his reader, he stated:
There have been consistent higher highs and HLs (higher lows – author’s note). But (…) I don’t view it as a true bull marketAltcoin Sherpa
Consequently, he believes that Bitcoin will either skyrocket to $40,000 or fall down to $20,000. The asset will potentially reach its higher low right now and demonstrate “an incredible amount of compression”, based on the EMA indicator.
The investor also concludes that the current market outlook for BTC is “not a great place to buy here through”. In his opinion, it is better to wait until Bitcoin reaches $28,000 “with confidence”.
Bluntz: Nice Move
Another reputable trader, Smart Contractor (Bluntz) shared his attitude towards Bitcoin’s outlook. What is significant, he’s eager to take a look at the market after fake Cointelegraph ETF approval that definitely slung the raft.
An on-chain analytical platform stated that Cointelegraph’s fake post on Bitcoin ETF approval, which never took place, spurred the largest spike of volatility, causing Bitcoin to jump to $30,000.
In addition, it presumed that the outstanding BTC futures and options may turn out to be a bubble and lead to the massive liquidations in October. Apparently, that is the reason for Bitcoin’s increased volatility, according to the Santiment.
Actually, every investor has a point, and when combined, the big picture is on the face. As for me, we might experience an increased volatility just before the halving. The same pattern can be observable for 2020 and 2018 at least – before the third and second halvings respectively.
This volatility can be as technical as it can be caused by the basic Fear and Greed. As many are anticipating the next halving, they turn to setting up margin and futures options for BTC. While the majority of them are liquidated, the price fluctuations are intensified.
However, the latest outlooks demonstrate that this pre-halving cycle is indeed rather bullish. I believe that until the halving occurs, BTC will be in a volatile but constantly growing state with reaching higher lows and indicating price dips to buy.
Still, I would not voice any strict numbers and limits. As the market is up-and-down, the future state may severely differ from the predictions due to the unexpected reasons.
Bitcoin is likely to enter the longs era – as the bullish sentiment is clearly identifiable, it is essential to be cautious and not turn to FOMO, FUD, or other horsemen of emotional disbalance. The volatility is remaining rather high though, but the price dips to occur are absolutely normal as from technical as from factual point of views.
However, to achieve the profits in trading, you should stick to the rule of thumb: always do your own research. This article is not financial advice, but simply a collection of perspectives that may be a great basis for your crypto education, but not your opinion. Trade carefully and cold-headedly.