📊｜Has BTC hit the bottom now? John Glover, Chief Investment Officer of Ledn, tells you
Recently, the German government has frequently shipped, causing the overall crypto market to weaken
🔻Although analysts have warned that the Mt Gox compensation may have an impact on the market, the German government's recent selling of Bitcoin still surprised the market. However, this behavior did not shake the optimistic expectations of John Glover, Chief Investment Officer of Ledn. He believes that the price of Bitcoin is expected to break through $80,000 or even higher by the end of this year, while other analysts predict that Bitcoin may reach $100,000.
🔻However, Bitcoin may face downward pressure again in the near future. Special attention should be paid to the price around $55,000. If Bitcoin falls further, we should pay attention to the support level of $49,000. Although the market is about to usher in a large number of Bitcoins, it is still unknown how many will be sold. Even before the Mt Gox incident, the price of Bitcoin failed to break through and create a new high.
Recent chart analysis shows that a large amount of Bitcoin selling occurred mainly during the Asian/European hours, which may be related to the compensation of Mt Gox and the actions of the German government. However, buying activity increased when the US market opened.
♦️John Glover also observed that this pattern has been reflected in several recent market sell-offs: European and Asian markets sold off during their trading hours, followed by buybacks when the US market opened. He believes that the Asian market may have an excess supply of Bitcoin due to the Mt Gox incident, and traditional financial players may seek buying opportunities at low levels.
In summary, as retail investors, we should try to avoid the trap of trapping more during this period 🪤 to preserve our vitality
