Bitcoin Was Trading at $22,267 at the Time of Publication.
Nigel Green, the CEO of the financial advisory company deVere Group, is optimistic about crypto assets in the long term. He says, “Crypto isn’t out of the woods just yet, with a maybe small and final rinse-out on its way before a considerable price bounce towards the end of the year.”
Cryptocurrency assets are not “out of the woods just yet,” according to Green, but their prices will eventually rise, “It’s been a tricky time in recent months for the cryptocurrency market which, like all risk assets, including stocks, has been hit by a wave of gloomy investor sentiment based on global economic slowdown fears, inflation, and geopolitical factors, amongst other issues”.
The CEO of the deVere Group believes that Bitcoin (BTC) will draw investors since it is a reliable asset with a competitive price, “People are starting to realize that, clearly, headwinds remain for economies around the world, but that some quality assets, like Bitcoin, are currently cheap”.
Green also predicts that during the upcoming few months, Bitcoin will be relatively less volatile,‘’ We expect a less high-octane, more steady, continued upward trajectory for Bitcoin over the next few months.”
What Analysts Say
Bitcoin was trading at $22,267 at the time of publication, down 2.11% in the last 24 hours. According to crypto analyst Michael Van de Poppe, ‘’Bitcoin facing crucial resistance again. If that breaks at $23.8K, I’m assuming we’ll continue, and then $28K is on the tables, but we also have a clear breakout above the 200-Week MA confirmed.’’
For Ethereum, the second largest cryptocurrency, Van de Poppe says, technically speaking, there would be a short entry on ETH here. ”On the other hand, lots of strength with the merge coming up, so I’d rather want to short with more conviction and confirmation. A crucial area to hold for $ETH is $1,570. If that’s possible, upwards continuation’’.
Crypto analyst and trader, Willy Woo, “The best trade is not buying the uncertain bottom or selling the uncertain top but to ride the cleanest and most certain line between the two. Many traders try to predict, and whereas an understanding of market structure adds certainty, the latter is far more important”.
Speaking on BTC’s technical standing, he says ‘’BTC punched through a capitulation structure i.e. investors who bought higher sold out in droves while urgent buyers were there to rally the price against the selling. The next step in a proper bottom signature happens when the contours get dense under the price’’.
Ethereum traded at $1,518, down 1.21% in the last 24 hours.