Bitcoin (BTC) price and its recently increase in volatility have challenged traders’ and analysts’ predictions.
After BTC price fell to $15,580, some expected a quick recovery from the lower bounds, while others predicted further pain for investors. Throughout the last month, analysts have been on top of Bitcoin price action to anticipate whether it is wiser to go long or short in the market.
For the most part of the last week, BTC price traded in red on the daily chart as the price fell dramatically to a two-year low. Notably, even though the BTC price has avoided a dip further below, it can’t be said for sure whether the bad times are behind us yet.
At press time, Bitcoin traded at $16,753, gaining 1.45% on the daily. However, BTC price was still down 15% on the weekly charts. With BTC price action still keeping traders on the edge of their seats, some analysts weigh in on whether it’s now time to long Bitcoin.
Analysts Bullish on BTC
Analyst OnChainCollege recently told his 52,800 followers that the Bitcoin price bottom was nearly in.
Looking at Bitcoin supply in profit, he said that if you remove the Bitcoin that hasn’t moved in 10+ years, the percent of the supply in profit has recently reached all-time lows. Notably, 32.73% of the supply is sitting in profit, lower than all prior bear markets.
According to this metric, the analyst predicts that if bottoms occur during max pain, then the BTC price is close to it.
Another analyst, Tommy Thornton, said in a tweet that even though there are still massive counterparty and liquidation risks, BTC seems close to a bottom.
Pseudonymous analyst Checkmate posted on Twitter saying that BTC Dominance was at 59% and was still rising. Thus, expectations of a decent long-term price appreciation are in.
While some analysts painted a relatively bullish picture for BTC, others took an entirely different stance.
Analysts advise against going long on Bitcoin
Analyst Will Clemente told his Twitter followers that more pain could be expected in the market.
Sharing a chart explaining the psychology of the market, Clemente said that at the rate things are going this year, it feels like we are heading for the cretaceous period. Thus, going long on BTC could only lead to more negative market returns.
CryptoQuant analyst, who goes by the name Abramchart highlighted that miners still have a negative outlook. The analyst points out that miners are selling with every rise. Yesterday, there was a clear inflow of Bitcoin from the miners after Bitcoin corrected up to $16,900.
It seems that miners have a negative outlook in the short term. Generally, going against miners isn’t advisable.
Thus, it seems like, for now, analysts have mixed anticipation for Bitcoin and the crypto market.
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