Can Bitcoin Reach $ 12,000
Experts do not believe in the rapid growth of the coin
DeFi could have caused the market to fall
International consortium of news organizations developing transparency standards.
Since the beginning of September, the main cryptocurrency Bitcoin has been rapidly falling in price. And if at the end of summer the cost of BTC was at the level of $ 12,000, then in nine days in September the coin lost $ 2,000. What caused the fall and whether Bitcoin can again reach summer heights, BeInCrypto asked experts.
Pavel Shkitin, CEO of Nominex cryptocurrency exchange:
– In fact, the fall in the cryptocurrency market was quite predictable. Recently, it has grown uncontrollably and bloated due to increased investor activity. Therefore, I would highlight several main reasons for the fall in the price of bitcoin. The first and most important is the gap in bitcoin futures on the Chicago Mercantile Exchange, that is, the difference between the closing price of quotes in the previous trading session and the opening price of a new trading session. The gap in Bitcoin futures fell on September 4, when the price of Bitcoin at the close of the session was $ 9,600 and the opening price was $ 9,900. As a result, the value of bitcoin itself collapsed in the spot market: from $ 12,000 to $ 10,000.
The second likely reason is the rapid development of the DeFi marketDecentralized finance (DeFi) is a blockchain-based financial service that offers users access to an open, efficient and … More. Investors were already preparing for its collapse, so they began to open more short positions in Bitcoin on exchanges, thereby signaling a decrease.
Will Bitcoin be able to win back its positions? There is no definite answer to this question, since it is quite difficult to predict the behavior of a particular cryptocurrency. I can assume that by the end of the year Bitcoin will be able to regain its positions and approach the level of $ 11,200 – $ 11,500 in the next few weeks, as bullish sentiment persists in the crypto community..
Vyacheslav Orskiy, KickEX analyst:
– Correction in BTC has been brewing for a long time, because according to the theory of probability, the higher the price has risen, the higher the probability of its fall. In this case, BTC added significantly after a sharp decline in the spring, which in percentage terms is about 200%. On the other hand, the correlation with US stock indices also had an impact on BTC, after a series of updates to all-time highs by the S index.&P we saw active sales in the stock market, which ultimately led to an increase in demand for the US dollar and affected the price of BItcoin. On the technical analysis side, BTC started selling after reaching a strong psychological resistance level at around $ 12,000, which turned out to be an insurmountable obstacle for the BTC price last summer, as a result of which the price, after trying to go higher, changed its trend and reached the $ 4,000 level. Presumably, this fall is most likely caused by the fixation of the positions of investors both in the stock market and in BTC, and it is too early to expect sales panics and a flight to the bottom, since there are still strong levels of support from which investors can start recruiting BTC into their portfolios.
The attempt of the BTC price to go above this level has not yet been crowned with success and we saw a sharp pullback from this level. It should be noted that this level was also not passed last year and now there was a second attempt. The $ 12K long-term trend level for Bitcoin is a key obstacle to continued growth and will be a magnet for the price. Considering the growing interest in the cryptocurrency market from large investors – as evidenced by the reports of investment companies. For example, Grayscale Investments recently reported an increase in AUM to $ 6.3 billion. Also recently, the president of Fidelity Investments, Peter Jabber, submitted documents to the SEC for a new bitcoin fund. As a result, if the cryptocurrency market does not receive any clearly negative news, it is worth considering before the end of the year another price attempt to test the $ 12K level for a breakdown upwards.
September began for BTC with sales and exits from Long positions of active traders, which led to a decline in Bitcoin by more than 20% from its local highs. It is too early to talk about the trend change, since, presumably, this correction was caused mainly by the activity of speculative investors. The decline stopped at the $ 10K level, which currently serves as a strong support for the price. It should be noted that earlier, $ 10K acted as a strong price resistance, under which many investors gained significant volume. If the price breaks and consolidates below the $ 10K level, then the $ 8,900 – $ 9,400 range should be considered as the maximum potential for price reduction. If the $ 10K level holds and growth resumes, then the nearest resistance where the price can stop is in the $ 10,800 – $ 11,200 range.
Stanislav Itkin, CEO of ZYX Network cryptocurrency:
– I believe that the fall in the price of bitcoin is directly related to the fall in the entire cryptocurrency market. In the past few weeks, it has grown too fast and chaotic at the expense of the DeFi market. In just two months, the decentralized finance market increased its capitalization to $ 15 billion. Naturally, the uncontrolled inflow of investments should have led to a dump, which actually happened. The price of not only DeFi tokens has dropped, but also other coins.
I think it will be hard for Bitcoin to hit the $ 12,000 mark again. Most likely, Bitcoin will balance between the $ 9800 – $ 10200 level for at least a few more weeks. Although now the position of the bulls is strengthening. Of course, investor activity can push the price up, but you shouldn’t expect a rapid rise.
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Tatiana Maksimenko, official representative of the Garantex cryptocurrency exchange:
– The correction of bitcoin was quite predictable, it grew quite sharply and powerfully before that for several weeks. Therefore, the decline in the rate to $ 10,000 can hardly be called an unexpected fall. The price of bitcoin constantly demonstrates such pirouettes, the growth wave reaches a peak, then the rate decreases, then demand accumulates again, and the price rises. Perhaps this is partly due to the fact that miners, who after the May halving did not want to sell coins at a rate below $ 10,000 due to a decrease in their profitability, now decided to sell some of the mined coins at a rate above $ 11,000, because no one canceled their operating costs.
Bitcoin will be able to return to both $ 12,000 and $ 15,000, and in the long term, to $ 20,000. The $ 12,000 milestone, I think, bitcoin will overcome this fall, closer to the new year. At the same time, the price has every chance to jump to $ 15,000 – this is an optimistic forecast. Pessimistic outlook – bitcoin will never be able to overcome the pressure of bears in the market, and its rate will continue to fluctuate between $ 10,000 and $ 12,000 in the next six months, or even a year.
Until the end of September, it is unlikely that something will radically change in the cryptocurrency market, bitcoin will most likely continue to trade between $ 10,000 and $ 11,500. I do not foresee a confident capture of the $ 12,000 mark. Now the main attention of investors is focused on the DeFi market, which is growing, or rather, inflating like a bubble. And everyone is in a hurry to have time to make money on it before this bubble deflates..
Jack Tao, CEO of Phemex:
– Amid the recent DEFI craze, we have also seen one of the strongest Bitcoin selling streaks in the past six months. The rapid drop from the $ 12,000 level could have been caused by a number of reasons, including the actions of whales and miners. The price collapse occurred against the backdrop of a sharp increase in trading volumes, which indicates strong pressure from sellers. We saw this in May when bitcoin tried to break the $ 10,000 level but the price pulled back to $ 9,000.
Correction is quite an expected phase of the market after such a long growth. I think that despite the current bearish trend, Bitcoin will definitely return to the 12k mark and overcome it soon. When? When? Only the market will tell you. For now, it’s best to just keep watching closely.!
In early September, before the correction, Bitcoin gained 8% against the US dollar. Consolidation after the rally is typical for BTC. I believe we will trade the bear market for a while longer. However, even if the September candlestick closes like red, there is a strong possibility of the uptrend resuming.
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