Prediction of the decline in Bitcoin prices is only temporary and will increase in the near future

Lovata Andrean

Prediction of the decline in Bitcoin prices is only temporary and will increase in the near future
Prediction of the decline in Bitcoin prices is only temporary and will increase in the near future

Rancakmedia.com - Bitcoin price drop is still trending over the past week and predictions of a decline in the price of bitcoin below the level of US$60.000 per BTC. According to I Coinmarketcap.co, bitcoin had lost 10,37 percent in the previous seven days.

Most recently, on Wednesday (17/11), at 16.00 WIB, bitcoin was trading at US$59.482,78 per BTC, down 2,84 percent compared to the previous 24 hours.

Christopher Tahir, co-founder of CryptoWatch and Smart Money Channel Manager, believes that the depreciation of the rupiah was triggered by fearmongering by an individual claiming to be the founder of bitcoin named Craigh Wright. This person said that he had 1 million BTC that supposedly belonged to Satoshi Nakamoto.

“Of course, if this is true, it might be a negative sentiment. "However, no one has been able to make this kind of confession," said Christopher to Kontan.co.id, Wednesday (17/11).

Meanwhile, according to CoinDesk, QCP Capital said in a market update that US President Joe Biden's signing of the Infrastructure Act this week, which includes controversial crypto tax reporting requirements, is a negative sentiment for bitcoin.

Bitcoin Price Prediction Will Reach 100 Thousand US Dollars

Additionally, there was a drop in excitement following last weekend's Taproot update to the bitcoin blockchain, the network's first significant upgrade in four years.

“Some optimism is emerging that Taproot will be a catalyst for price increases. However, the lack of response resulted in the buying effect becoming hearsay, and the selling effect becoming truth,” according to QCP Capital.

However, Christopher felt that this weakening was only temporary. According to him, a reasonable price target for bitcoin is between US$ 57.500 to US$ 58.300. He noted that if the plaintiff's bail is not set, bitcoin could potentially rise again.

Additionally, he sees sentiment from Bitcoin Futures Exchange Traded Funds (ETFs) in the United States, expressed by many firms, could act as a positive trigger.

According to his estimates, the support levels mentioned above will provide a strong foundation for bitcoin to continue its rise. Meanwhile, resistance is at US$ 63.500, with the next target if the price breaks through all levels, being in the US$ 77.000 area.

Bitcoin Price Prediction Will Reach 100 Thousand US Dollars

Bitcoin is now trading at $61.585, a percent of 6,6% over the previous 24 hours. Meanwhile, Ethereum (ETH) traded at a much more stable US$4.700 before falling to US$4.300. Indeed, ETH address activity jumped by around 50% in October, indicating significant interest for this kind of cryptocurrency smart contracts.

Market investors are expected to wait for the optimal time to start a new price increase, while others believe BTC will face a significant decline in the near future. Cryptocurrency Birb, a certified technical analyst, points out that if BTC is trading above the 50-week moving average, it can only be counted out.

“I believe Bitcoin will reach $100.000 in the next few weeks. I am serious; we will witness something revolutionary,” said Crypto Birb as reported by Blockchainmedia.

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Lovata Andrean

Hi, I'm Lovata, I'm not Ai but I am a content writer for SEO, Technology, Finance, Travel, Cooking Recipes and others. I hope this can be useful for all my friends. Thanks