Bitcoin Up or Down Next? Experienced Analyst Predicts
FxPro's top analyst Alex Kuptsikevich predicts that Bitcoin will continue to fall in the near term.
Although Bitcoin rallied back above $60,000 after falling below $50,000 last week, the rally was short-lived and the price fell back below $60,000.
Many analysts believe that Bitcoin's downtrend is likely to continue, especially based on historical trends in August.
Alex Kuptsikevich, a senior analyst at FxPro, predicts that Bitcoin could fall further in the near term.
He believes that Bitcoin could fall another $5,000 from $58,000 and that the possibility of a decline is higher than a rise.
According to Kuptsikevich, selling pressure is increasing after Bitcoin failed to sustain gains above $60,000 and struggled to break above the 50- and 200-day moving averages late last week. This shows that the bears are in control.
In addition to Kuptsikevich, analysts at QCP Capital also believe that the selling bias is dominant for Bitcoin. They predict that the BTC selling will continue until September when the market remains cautious.
Let us know what your opinion is on whether Bitcoin will rise or fall in the near future.