Bitcoin $83,315.11 The market has suffered a great shaking in the last two months and lost over $ 10 billion open position. Experts think that the market was restructured after this harsh decline and the biggest crypto money is ready for a new rise.
10 billion dollars of position on the market deleted
In January 2024, the open position volume in the Bitcoin market reached the highest level of all time with $ 33 billion. However, the fluctuation caused by US President Donald Trump caused by uncertainties caused large liquidations.
10 billion dollars in Bitcoin term transactions between 20 February and 4 March open position deleted. This harsh decline in open positions declined by 14 percent of the 90 -day -time open position change. Analysts say that such harsh decreases generally provide the market free of excess speculation, and such periods form a solid foundation for future rise.
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Bitcoin price is expected to walk to new summits
Bitcoin’s long -term appearance draws attention with its positive. Economist Timothy PetersonAccording to the biggest crypto currency in April and October in the months often makes large seasonal rise. Peterson’s latest analysis reveals that Bitcoin can rise to the highest level of all time until June and rise up to $ 126,000.
In addition, the “Lowest Price Forward” model shows the bottom of Bitcoin as 69 thousand dollars for the price of Bitcoin, and that this level will be protected by 95 percent. Moreover, when we look at historical data, it was seen that Bitcoin was strongly recovered after harsh decreases of around 30 percent.
However, not all analysts agree. Founder of Into The Cryptoverse Benjamin CowenIn the Youtube video published on March 15, Bitcoin said that if the 2024 summit of the 2024 summit, the bull cycle could be at risk if it went below the $ 70 -$ 73 thousand band. Establishing similarities with the 2017 cycle, Cowen added that the probability of entering the bear market will increase if the largest crypto currency falls to 60 thousand dollars.
Bitcoin is currently in a critical consolidation phase and has been moving in the range of 82,000 to 83 thousand dollars for a while. Considering that the harsh rises came after similar market movements in the past, this process can prepare the ground for a new bull running.
What is Bitcoin?
Bitcoin is the first -decentralized crypto currency created by a developer or developer group that uses the name Satoshi Nakamoto in 2009. Using Blockchain technology, it allows value transfer without the need for intermediaries. It is also called digital gold due to its limited supply.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
