Many market participants see the potential for a positive move in BTC.
The most capitalized cryptocurrency Bitcoin started on Wednesday with growth. At 07:30 (Moscow time), the coin was trading at $49,278. The minimum bitcoin fee in 24 hours, according to the CoinMarketCap resource, is set at $46,522, the maximum at $49,300.
Against the backdrop of the positive movement of bitcoin, members of the crypto community share their forecasts for the cryptocurrency. Analyst Willie Wu drew attention to the fact that the BTC indicator shows that the digital asset is already oversold. He noted that such signals are rarely received. At the same time, after them, as a rule, bitcoin grows.
To illustrate the behavior of BTC against the background of oversold signals, Willie Wu recorded such a moment on a chart. According to the indicators, in the near future, bitcoin will be able to show growth.
The growth potential of BTC is also seen by analyst Benjamin Cowen. He drew attention to the fact that bitcoin managed to break through the upper edge of the descending channel, in the “body” in which the cryptocurrency has been moving since the beginning of the month. From a technical analysis point of view, such behavior could indicate the potential for further growth in BTC.
Also, market participants draw attention to the fact that about 20% of bitcoin investors suffer losses. This is shown by the analysis data of the BTC buying period by analysts from the Twitter channel Whalemap. They came to the conclusion that a number of designated investors bought cryptocurrencies at a price higher than $ 50 thousand.
It is possible that if bitcoin continues to grow, market participants will decide to take profits. Such actions of investors can create additional barriers to the positive movement of BTC.
The author of the bitcoin Twitter page, in turn, decided to remind cryptocurrency investors of its progress. To do this, they compiled a list of the “top complaints” that BTC has frequently made in different years. For example, in 2010, bitcoin was accused of not being needed by anyone. In 2021, amid the legalization of BTC in El Salvador, critics say that only small countries are using the cryptocurrency. So over the past 11 years, bitcoin has gone from being an unknown instrument to a national currency.
Meanwhile, against the backdrop of bitcoin’s rise, the cryptocurrency fear and greed index has entered the orange phase. The position of this indicator shows that about half of investors see the risk of investing in BTC. At the same time, the index’s deviation from the red zone indicates a “warming up” in the attitude of market participants to bitcoin.
We will recall, earlier that Twitter founder Jack Dorsey expressed his opinion that in the future bitcoin will replace the US dollar.