Bitcoin's costs could drop to $47K preceding recovery.
A top analyst suggests waiting for Bitcoin to reclaim $64K prior to buying.
Bitcoin shows changeability with mixed market sentiment and lower trading volumes.
The token’s is currently sitting at $56,774.79, marking a slight increase of 0.24% over the past day. This comes as the digital assets trade shows mixed signs of activity, with a total market capitalisation of $1.12 trillion, up by 0.27%.
The 24-hour dealings volume for BTC stands at $31.6 billion, a decrease of 3.22%. This volume represents 2.81% of Bitcoin's total market capitalization. With a circulating supply of 19.75 million BTC, Bitcoin's circulation rate is at 94.05% of its total supply, which is also 19.75 million BTC. The maximum supply of Bitcoin remains capped at 21 million BTC, reflecting its deflationary nature.
Source: Coinmarketcap
The chart indicates some Changes in Bitcoin’s rates over the past day. The cost reached a high of approximately $57,000 before pulling back slightly to its present level. Despite the dip, Bitcoin managed to stabilise close to its present level of $56.77K.
The coin continues to dominate the trade with 56.2% superiority, though ETH follows with a sale share of 14.4%. The all-in-one trajectory appears cautious, as traders keep a close watch on the field, reflecting the slight decrease in trading volume.
Bitcoin Market Outlook: Analyst Predicts Short-Term Drop to $47K Before Potential Recovery
In a recent tweet, prominent crypto analysts Kaz The Shadow shared his outlook for Bitcoin's price movements over the coming weeks. His analysis suggests that Bitcoin could experience a short-term bounce, which might give rise to bullish sentiments, but he warns that this could be a trap for investors.
https://twitter.com/KazTheShadow/status/1831374654398742698
Kaz The Shadow's chart analysis indicates that Bitcoin may temporarily rise before facing a essential sell-off. He expects this sell-off to push the price down to a range of $47,000 to $44,000. This level, according to him, could serve as a critical support zone, where Bitcoin might find a strong bounce back towards its all-time highs (ATH).
The analyst emphasises that the coin needs to reclaim the $64,000 level before he would consider it safe to start longlonging for the asset again. Until Bitcoin successfully breaks above this resistance, he views $47,000 as the key level to watch, signalling an approach to trading in the current sales environment.
Kaz The Shadow's insights are being closely followed by the crypto social group, with his post generating vital engagement on social media. As of now, the tweet has garnered over 64.7K views, showing the impact of his analysis on trade feelings.
The post Bitcoin Faces Short-Term Drop to $47K Before Possible Rebound, Says Analyst appeared first on Crypto News Land.
