How will BTC transaction accumulation affect asset price

Our experts named the reasons for the large “queue” of transactions in BTC network. And described the ways to solve this problem, as well as its impact on the price of the leading digital asset.

At the beginning of May, the daily number of transactions in Bitcoin network renewed its historical maximum at 685 thousand. This happened amid a surge of activity associated with the issue of bitcoin-NFT or Ordinals.

The ability to issue tokens on the Bitcoin network appeared in late January. And since then more than 4.69 million of them were created. More than 789 BTC ($21.9 million) were spent as commissions.

As of May 8, there are still more than 455,000 transactions waiting to be confirmed in the first cryptocurrency blockchain. Which is a record high. Experts told what the formation of such a queue could lead to.

Reasons and solutions

Queuing is a fairly typical situation for PoW blockchains. And many factors can affect it, but the main reason is always associated with a sharp increase in interest in intra-network transfers.

Our experts say that the problem develops further very quickly. As the queue generates an even bigger queue, similar to the traffic jams that form from traffic jams when people try to avoid them. In blockchains, users start to raise fees. And all new transactions get stuck, while old ones may stay in the mempool (transaction queue, mempool) for weeks until the load is reduced.

There is no direct solution to this situation, says our expert. In general, the “scalability problem” is the main reason to criticize the consensus mechanism Proof-of-Work (PoW), on which Bitcoin works. But our expert noted that there are local ways around this problem. For example, such as “replace-by-fee” or “child-pays-for-parent” mechanisms.

“Replace-by-fee” allows you to directly change the amount of commission in a transaction already sent to the waiting list. But very few wallets support this feature. And to enable it, it should have been provided for in advance: the transaction should have been sent with the parameter enabled. Which allows you to replace the commission already after the transaction has been sent.

The “child-pays-for-parent” function implies sending a new transaction from a wallet. To which the change from the previous transaction with the knowingly overrated commission must come. This is such that it would be profitable for miners to process two transactions at once.

The problem of scalability is partially solved by the use of L2 solutions. For example, there is a Lightning Network superstructure for Bitcoin, which does not load the main blockchain. The widespread implementation of this technology will help prevent queues in the future.

Impact on Bitcoin price

The current significant queue in the BTC network is unlikely to affect the value of the asset in the moment. But it does create a number of questions for what is happening around the Bitcoin blockchain.

If before the BTC network seemed to market participants something fundamental, stable, which is very difficult to change. And, as a consequence, difficult to deteriorate in its parameters. After the emergence of projects like Ordinals, Bitcoin no longer seems to be a cryptocurrency ” constant.

The fact that thousands of enthusiasts in the Bitcoin network can now create NFT using the experimental script BRC-20. This expands the capabilities of the project, but creates no additional value for BTC. Our expert noted that the Bitcoin blockchain has never been known for scaling as it is. And in times of stress and strong movements of the cryptocurrency market, transactions in the network, compared to other blockchains, were very slow at all.

Now, against the backdrop of a growing number of transactions. And at the moment the number of transactions “in the queue” exceeded 400 thousand, the network’s fees have also increased, which adds to the negativity.

Thus, over time, the perception of Bitcoin as the first asset of the market may shift towards other projects. Which will offer reliable, fast and profitable transactions. Thus, the events of today may lead to a decrease in interest and capitalization of BTC in the long run.

However, there is no clear competitor at the moment. Therefore, market participants will continue to use Bitcoin. Current price movements are unlikely to be affected by these processes. But in the long term, such an “evolution” of the Bitcoin network raises questions.

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What will happen to Bitcoin price next after $30k

Our experts told about the prerequisites for Bitcoin price growth. And assessed the prospects for further price movement of the first cryptocurrency

On April 11 Bitcoin rate exceeded $30.3 thousand for the first time since June 1, 2022. Within a day, the first cryptocurrency rose in price by $2 thousand. And its value increased by 7%.

Leading altcoins also rose in price, though not as much as the first cryptocurrency. Ethereum (ETH) price went up by 3.5%, to $1.91, BNB (BNB) – by 4.6%, to $327, Polygon (MATIC) – by 3.2%, to $1.13. Cardano (ADA) gained 4.7% to $0.4 and Ripple (XRP) rose 2.7% to $0.51.

The first goal for Bictoin is to fix it at $30,000

Bitcoin for the first time in 10 months broke through the key level of $30 thousand. The main trigger for the price increase was the investors’ confidence in the near completion of the US Federal Reserve’s tight monetary policy phase. In fact, the strengthening of BTC could happen a few days earlier. But most investors were absent in trading because of Good Friday and Easter in Catholic world.

On Monday traders returned to work and reacted to Friday’s set of statistics about employment market in the USA. And quite naturally – with a rise in prices. NFP employment data showed that employers feel confident and leave hiring rates high.

BTC has gained 6.74% since the beginning of April versus a 23% appreciation in March. The important thing now is to get a foothold above $30k. And the next ambitious goal is $35k, but it will take time to reach it.

Bitcoin price prospects

Bitcoin moved to the growth after a long period of consolidation between $27 thousand and $28.5 thousand. BTC accumulated momentum and was able to overcome the resistance level around $28.5 thousand. And then on a wave of “bullish” sentiment took a new top – the long-awaited mark of $30 th.

It is hard to say whether there will be correction, because the market is waiting for the publication of data on consumer price growth in the USA (CPI). Which will be unveiled on April 12. This index always influences the situation on the cryptocurrency market. Here we should understand that it can both push up. And it can also push down and stop the growth of Bitcoin. And the continuation of high inflation can have both effects. That is, if inflation is still quite high and fails to meet expectations for a decline. BTC rate may react with both decrease and growth in the short term.

In the long term high inflation will most likely help Bitcoin to grow. Because BTC is seen by some investors as an instrument to hedge against inflation risks. The collapse of the banking system, which is not expected to fully manifest itself yet, also contributes to the growth of bitcoin. Part of the deposits that have been withdrawn from U.S. bank accounts. It eventually settles on the crypto market, as retail investors in a panic are looking for tools to preserve value. And they’re also afraid of a repeat of the 2008-2009 crisis.

Our experts answering a possible question whether investors will have an opportunity to buy Bitcoin “cheaply” for $15 thousand. Our experts remind that between $15k and $25k Bitcoin was trading for 275 days. That means investors had almost a year to decide to buy this asset. If they didn’t do that, now they’ll have to buy bitcoin at $30k. In short and medium term the price of BTC will hardly go lower than $20k.

Expect inflation data

Bitcoin for quite a long time was in the “sideways position”, accumulating strength for a breakthrough to the level of $30 thousand. This happens today the coin has overcome this mark.

Now the US inflation data is expected to be released in March. A slowdown in price growth will be positive for the stock market. And BTC usually follows it. A decline in inflation gives the odds that the Fed will move to easing monetary policy. And this will also push indices and cryptocurrencies up.

Also amid forecasts of a global recession, more and more investors are moving into crypto as a way to protect funds. This explains the influx of capital into the crypto market. Now everything depends on inflation data. Because its decline will give a chance for Bitcoin to rise to $32,000-34,000. And the increase in prices will be negative – then we can expect a fall to $27-28 thousand. By the end of the week, these trends will manifest themselves in full force.

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Growth rate of long-term holders of BTC reached its max in 2 years

The number of BTC “hodlers” is increasing as fast as it did in the spring of 2021. When the asset first reached $64,000.

The number of long-term Bitcoin holders earlier this year is growing at its fastest pace since spring 2021. When the BTC exchange rate first rose to $64,000. The growth in the number of “hodlers” may be due to the fact that more and more traders stop operations and decide to just keep the asset.

Since the beginning of this year, Bitcoin’s exchange rate has increased by 71%. The asset was trading at $16.5 thousand on January 31, while on April 10, its price was around $28.3 thousand. The maximum value for this period was $29.1 thousand, which BTC crossed on March 30 for the first time since June 2022.

During the 2021 Bitcoin rally, the number of BTC holders rose from about 34 million to 39 million. The growth rate then slowed. And by early 2023, that number had risen to about 44 million. But then the number of “hodlers” started growing faster again. And by April, it exceeded 46.1 million.

Our experts note that over the past 24 hours, BTC rose in price  by 6%, to $30 thousand. Following the first cryptocurrency, prices for other digital assets are increasing.

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The excitement for risk has returned. What will happen to Bitcoin in this week

Our experts have analyzed the situation on crypto market and told how it can change in the short term and what will happen to Bitcoin price

The final week of March on the crypto market began with a decrease in the pair BTC/USDt. Bitcoin fell by 5.81% to $28,484. The fall was caused by negative news in the crypto industry. The Commodity Futures Trading Commission (CFTC) filed a lawsuit against the head of Binance, Changpeng Zhao, and the heads of three other organizations that run the Binance platform. The regulator claims that the exchange failed to register as a platform that trades cryptocurrency derivatives. And therefore had no right to provide services to U.S. clients. However, it actively worked with U.S. investors, ignoring legal regulations.

In zone $26.5-26.6 thousand buyers regrouped and fought back on the positive news from the banking sector and the rise of American indices. The U.S. Federal Deposit Insurance Corporation (FDIC) announced that deposits and loans from bankrupt Silicon Valley Bank (SVB) are going to U.S. First-Citizens Bank.

On March 29, bitcoin recouped earlier losses, returning to the $29,184 level. Risk appetite returned for market participants as concerns about the banking sector eased following congressional hearings on the SVB bankruptcy.

Rising movement did not continue. The buyers, having met sellers’ volumes, started to fix profits from long positions. It was a purely technical factor, because this day external background was on the side of buyers. Also the dollar index was declining and S&P 500 futures were rising.

In the evening the buyers’ activity might have been low because of the speeches of the U.S. Federal Reserve representatives, who supported the further tightening of the monetary policy, despite the collapse of the three American banks.

On Friday (March 31), the price corrected to $27,511 and then went back to $28,656. Buyers have so far ignored the U.S. crackdown on Binance, Coinbase and TRON founder Justin Sun. This comes amid a rally in stock indexes and weakness in the U.S. dollar.

The S&P 500 index rose 3.23% to 4,109 points for the week and 6.88% for the quarter. Bitcoin in the first quarter of 2023 rose 72.08% against the dollar to $28,465.

Waiting for a level test of $30,000 for Bitcoin

In this week of April 3-9, the focus of market participants will be on U.S. statistics. These statistics will include: business activity in the manufacturing and services sectors, industrial production data, the labor market report for March. In Europe, it is a shortened week. Europeans will celebrate Good Friday on Friday (April 7) and Easter on Monday (April 10). Liquidity will affect the dollar, and through the currency market, the crypto market.

According to our experts’ estimates, the quarterly timeframe indicates a price recovery to $34,000. At the same time, the monthly – to $43,000 by August (with a very positive external situation). If the market gets stormy because of the actions of U.S. regulators or new bankruptcies, then by mid-September. Here we need to look at what wave structure of upward movement will be formed when the level of $34,000 is reached. Therefore, we are waiting for the test of $30,000 for Bitcoin this week.

 

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Miner on a primitive device earned 6 Bitcoins

Our experts explained how a private miner managed to get a reward for the found block. With hardly noticeable computing power he was able to get 6 BTC

A lucky private miner, with barely a fraction of the processing power in the Bitcoin network. He received a reward of 6.35 BTC for finding a block numbered 772,793.

The chances of adding a block as a single miner are determined by the number of hashes. Which the miner device calculates per second. Relative to the total number of hashes that all the machines on the network compute each second.

Typically, blocks are mined by large pools combining the power of thousands of devices participating in a pool of users. The largest of them are Foundry, AntPool and Exchange of Binance’s own pool.

At the time the block was added to blockchain, the total bitcoin hashrate was just over 269 EH/s. That is, a single miner’s hash rate of 10 TH/s was only 0.000000037% of the total computing power of that network.

Chance of getting such a reward is like a big win in a lottery

Our experts say that this is an extremely atypical case. One miner privately can work for 30 years and not pick up the right hash during this time. At the same time he will consume electricity and produce a resource of equipment. The risks of finding nothing and making a loss are much greater.

It’s like buying a lottery ticket. You can buy one ticket every day and not get a win. Or you can buy one single time and win, but the chances are slim. If you approach mining as a business, it is more pragmatic to get a more modest but guaranteed income every day.

Now hashrate of network is 283 million TH/s against 10,6 TH/s capacity of unknown miner. In theory, with such parameters of the equipment it should mine one block out of almost 27 thousand mined blocks. Considering that about 900 BTC are mined per day, that’s about one block in 81 years.

Solo mining can be used when mining new coins, where the network capacity is quite low. And one person’s equipment takes a noticeable share of the entire processing power of the network. With pools, the probability of receiving remuneration increases many times over. But the user receives only a share of the reward, proportionally calculated from the entire computing power of the pool.

Bitcointalk forum users, discussing the lucky miner. came to the conclusion that his setup consisted of four rudimentary USB miners, each of which produced no more than 3 TH/s and cost about $200.

Our experts congratulate this guy, but remind us that it was a lucky lottery ticket.

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Mining companies increased in price due to growth of Bitcoin rate

Growth in securities of mining companies in January reached the highest monthly level in at least a year. Crypto-Upvotes expert review

The MVIS Global Digital Assets Mining Index, which includes data on the 20 largest miners. Such as Riot Blockchain, Galaxy Digital, Bitfarms and Iris Energy, is up 64 percent since the beginning of January 2023. This month, the indicator posted its biggest increase since its inception in December 2021. In doing so, Bitfarms securities rose more than 140%. And shares of Marathon Digital Holdings were up more than 120%. And Hive Blockchain Technologies more than doubled.

The growth of miners’ shares was caused by the recovery of Bitcoin. The first cryptocurrency since the beginning of January rose in price by 26.5% – from $ 16.6 thousand to $ 21 thousand. And on January 16 Bitcoin rate updated its maximum for 4 months, exceeding the mark of $ 21.4 thousand.

Profits of miners also increased against the growth of the crypto market. Despite the fact that the complexity of Bitcoin mining has grown to record levels. And more and more miners are plugging in, increasing hash rates. Luxor Hashprice Index – showing how much income a Bitcoin miner can expect. With a certain amount of hashrate – up 21% this year.

However, our experts note that it is unknown how long the growth of mining companies’ quotes will last. Cryptocurrency mining companies faced financial difficulties in 2022 and were forced to sell the mined cryptocurrency. As well as to return the equipment, reduce costs and personnel.

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Correction in Bitcoin rate due to risky assets is over ?

Our Crypto-Upvotes experts have analyzed situation on cryptocurrency market. And told how Bitcoin price can change in the next few days

Last week, from November 14 to 20, trading on the crypto market was relatively quiet. Increased volatility was observed on the first day of the week. Bitcoin/USDt jumped from $15.8 th. to $17.1 th. (+8.69%). Growth in quotations was caused by the head of Binance, Changpeng Zhao. He said he will launch a fund to rebuild the industry and help promising companies. He did so to reduce the negative impact from collapse of crypto exchange FTX.

After updating the weekly high price stabilized in the range of $16 thousand – $17 thousand Investors are in no hurry to buy Bitcoin because they took a wait-and-see attitude. Because of fears of the next wave of sales on the background of new bankruptcies of companies related to the collapsed exchange FTX.

For ten days, market is in the phase of rest after a recent collapse. Bitcoin’s correlation with the S&P500 Index has turned negative at 0.62. Crypto market has stopped reacting to the dynamics of dollar and stock indices. Investors are busy transferring tokens from centralized exchanges to cold wallets. They are doing this to protect their cryptocurrency.

Bitcoin price is at $16,000 waiting for a new batch of news about crypto industry. As buyers have failed to quickly get the price back above $18,500. A level of $12k is still flashing green for sellers below, signaling a lack of resistance. Because of a collapse in FTX, events could begin to unfold in a worst case scenario for Bitcoin and crypto investors. Buyers need to consolidate above $18.5k. Without consolidation, bearish sentiment will not be offset.

There is a threat of new bankruptcies, and continued collapse of crypto market

So far, the ratio of long and short positions on futures market does not have any bias. Therefore, we do not expect a sharp change in the situation in the next few days.

On-chain parameters also speak in favor of absence of preconditions for fall. There is also growing interest in cold wallets, amid outflow of capital from CEX exchanges because of scandal with FTX.

Most likely scenario is a continuation of current levels. Accordingly, expected range of BTC price is about $16-17 thousand.

Among stability risks, there is a threat of new bankruptcies followed by an avalanche of liquidations. There are no guarantees that it will not happen this week. But the probability is not high either. And statements of major players about creation of crypto-business support funds to prevent exactly such chain reactions in the market. Should add optimism and confidence in protection of crypto industry from collapse.

Of important – it is worth to highlight protocol of November meeting of the US Federal Reserve, which will be published on November 23. Bitcoin is detached from risky assets, so it may ignore investors’ reaction to the publication of these protocols.

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What will happen to Bitcoin “There are no prerequisites for recovery ?”

Our Crypto-Upvotes experts told us what dynamics to expect from Bitcoin and digital currency market in short term

On November 14, Bitcoin exchange rate is about $16.5 thousand. During the last week, it fell by more than 20%. Our experts have analyzed this situation on crypto market and told what kind of dynamics to expect in next week.

Any negative news will bring down crypto market

The second week of November reversed all the achievements of buyers since mid-September. The collapse of the crypto market occurred due to the fiasco of negotiations between the head of Binance Changpeng Zhao and the head of FTX Sam Bankman-Fried.

Changpeng Zhao caused a liquidity crisis at the FTX exchange on Monday with his announcement that he would sell FTT tokens. As it turned out, most of the assets of FTX-affiliated company Alameda ($14.6 billion) were FTT tokens.

The Binance CEO wiped out a huge competitor in a matter of days. There is an opinion that he intentionally made public statements about selling FTT. The collapse in crypto market was partly localized by U.S. statistics on Thursday. Slowing inflation in the U.S. collapsed the dollar and boosted demand for risky assets. Traders sold off the U.S. currency on expectations of a slowdown in the U.S. Federal Reserve’s aggressive interest rate hike cycle. The BTC/USDt pair jumped 16% to $18,200.

Although Dollar Index continued to fall on Friday, cryptocurrency halted its rise. Sam Benkman-Fried undermined confidence in the crypto industry. Investors fear the collapse of other cryptocurrencies that have had liquidity problems because of FTX. We just don’t know about it yet. Alameda may be “dumping” its portfolio on the market to take advantage of a price rebound.

The inflation report temporarily diverted investors’ attention away from FTX problems. Although situation in market remains tense. After a collapse and rebound, Bitcoin/USDt is trading at $16,400 in the range of $15,600-$18,200. Shock has passed, but buyer activity is very low. Without new negative news, the continuation of the correction above $18.5k remains. In such conditions, it will be a feat for the buyers. According to our experts, the risks of Bitcoin decline to $12,000 are over 70%. The market is low-liquid, so any bad news on the collapse of some other exchange with its token will collapse crypto market within a day.

Prospects for Bitcoin to rise to $20,000 in coming week

Unfortunately, our experts do not see prerequisites for Bitcoin recovery even up to $20K. All that positive impulse, which the market got after the data about growth of consumption prices in the USA. But crisis around FTX, which is still in its acute phase and just started to develop, didn’t let BTC grow and it fell below $17K again.

This week market will wait for developments around FTX. And the details of the debts of Alameda and FTX. As well as possible solutions to the problem of repayment of debts to clients. Regulators will definitely take action, because many companies related to the American market, Galaxy Digital and Circle, have been affected.

It’s not yet completely clear how catastrophic the collapse of Alameda would be for those companies that Sam Bankman-Fried was actively rescuing in recent months. Rumors have surfaced about Alameda’s liabilities of up to $50 billion. This could be a real counterpart to a collapse of Lehman Brothers for crypto market.

Our forecast for BTC this week is that it might fall to $14-15K and it will hardly go lower because, judging by Order Book, there are huge buy orders. So even if Bitcoin falls below that level, it will be bought back immediately.

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Bitcoin rate updated minimum for two years. This is the start of forming a “Bottom” ?

Bitcoin fell below $18 ths, other cryptocurrencies were also affected. Our Crypto-Upvotes experts pointed out reasons for market decline. And also told about its short-term prospects

In the evening of November 8 Bitcoin rate momentarily fell to a two-year low of $ 17.1 ths. As of November 9, Bitcoin cryptocurrency is trading at $ 17.2 ths, it has fallen in price by 10% over the past 24 hours.

Bitcoin price decline accelerated as the rate of cryptocurrency exchange token FTX (FTT) plummeted almost six-fold, from $19 to $3. Altcoin now trades at $4+ and shows a daily decline of 74%.

The FTT token collapse and the overall situation around the FTX crypto exchange caused the entire crypto market to fall. First, the FTX exchange lost liquidity and its own token price collapsed. And then Binance announced about buying this exchange.

Possible FTX and Binance deal attracted attention from regulators. As well as other reasons that helped Bitcoin collapse

FTX and Binance deal attracted regulators, raising antitrust concerns. Regulators have the power to block major mergers. If they fear it will limit market choice. And there are strict laws against anticompetitive behavior.

Among other factors in a declining market is the tension between China and Taiwan. Because China is a pretty big player in the crypto market. Taiwan makes chips for mining. So this factor is important and pressures cryptocurrency prices down.

Another reason, our expert called the U.S. Congress elections. At the moment, Republicans are expected to win the elections to House of Representatives.

Cryptocurrency market sympathizes, first of all, with the Democratic Party. At least by the volume of investments in their election campaign. Foreign representatives of the cryptoindustry are betting exactly on Democrats.

In addition, all these problems of crypto-industry coincided with the growth of stock indices and weakening of USD.

Crypto market at an early stage of formation of the “bottom” ?

Buyers could not take advantage of the moment to pass the level of $22.5 ths. While USD is under pressure, and stock indices are set to rise. Buyers have a chance to return Bitcoin price to $20 ths. Now we need to wait for volatility to decrease. And exchanges FTX and Binance clarified the situation and their further actions, said our expert.

Our expert added that the current situation, which now presses the crypto market, could be a culmination of decline. Because the current situation in crypto industry may be the initial stage of forming a “bottom”. Because for many market participants such prices are of interest to increase buying volume or to enter this market.

Now there should be a set of factors that will be able to raise the price up. Therefore now the L-shaped recovery, rather than a sharp reversal of a bearish trend is more probable. If the situation with China and Taiwan does not worsen. It is unlikely that anything else can hurt the market more than it already has.

 

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Bitcoin price forecasts for November, review by Crypto-Upvotes experts

What events in the next month may lead to changes in the price of Bitcoin. And to what levels it can rise or fall

First Cryptocurrency has continued to trade in a relatively narrow range since mid-June 2022. Since then, the rate of BTC fell to a low of $17.6 ths. And at its peak, it reached $25.2 ths. Most of the time, cryptocurrency is near the mark of $20 ths.

Over the past month, the Bitcoin price range has become even narrower. Maximum value of the rate for the last 30 days reached $20.4 ths (October 6). The rate of Bitcoin fell to a minimum on the day of publication of the U.S. inflation data for September. At that time the price of BTC fell to $18.3 ths, but quickly recovered.

As of Oct. 24, the leading cryptocurrency is trading around $19,200, according to CoinMarketCap. Bitcoin has a market capitalization of $371 billion, with a daily trading volume of $28.8 billion. The asset’s share of the cryptocurrency market is 38.3%.

U.S. congressional elections and macroeconomics could affect BTC price

The U.S. Congressional elections are due in November, our Crypto-Upvotes experts note. Cryptocurrency and traditional markets are generally strong in the run-up to this election. However, our experts say it’s not quite right to expect the same rate behavior as it did after the last election. The previous congressional elections were held in early November 2020. The cryptocurrency market was in a bull market. And since then, Bitcoin has gone from $15k to $61k by April 2021.

But today both the stock market and the cryptocurrency market are still bearish. And the volatility in the cryptocurrency market is quite low. Therefore, no serious rally is expected from BTC. In case it fails to rise above $23k, the downward pressure will continue.

The bearish pressure is amplified by global macroeconomic weakness combined with the popularity of short ETFs on Bitcoin. This raises concerns about whether this time there will be a repeat of November 2018, when Bitcoin collapsed from $6k to $3k also after a long period of consolidation and low volatility.

Investors, primarily institutional investors, as in the stock market, always assess the situation in terms of the reaction of the Federal Reserve (Fed). As well as on macroeconomic data on the United States. Therefore, the price of BTC may react to further Fed Funds rate hikes.

Also, among important events for Bitcoin and the entire crypto market in November, our expert called the TOKEN2049 conference. It will be held from November 9 to 10 in London. Our expert noted that it will be attended by such well-known figures in the cryptocurrency community as Galaxy Digital founder Mike Novogratz, Tezos co-founder Kathleen Breitman and Blockchain.com CEO Peter Smith.

There is hope that the rate will soon stop rising by 75 bps. (0,75%)

At least a “slight hope” that the rate will soon stop rising by 75 bps (0.75%) at the end of each meeting. . As well as reduction at least to 0.25% or suspension of increases. All this will lead to the development of a medium-term trend for growth i Bitcoin rate.

In this case, psychologically important level of $20K may be overcome. This will allow the bulls to rush to the levels of $24K and $28.3K in the coming month. More rapid growth looks too optimistic variant so far. But it may lead to $32 thousand and $36.8 ths, says our expert.

It’s also worth paying attention to the following levels in the price of BTC when it grows: $20.5 ths, then $22.8 ths. Reaching the same Bitcoin mark at $25 K will already mean the change of current bearish trend.

Signals for continuing a bear market trend

Signal to continue bear market could be the level of $16 K. Then we should pay attention to the level of $14 K, and, finally, $10 K.

In the coming month, Bitcoin may show a decline. First, price of the first cryptocurrency may fall to around $18 K, and later to the area of $15 K – $16 K. Our expert noted that it will be possible if Fed rate will continue to rise.

 

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