Bitcoin price is below $68,000 in the new week and altcoins are painted in the red. cryptocurrency February did not provide the desired environment for investors. A lot of data this week will clarify the outlook on the macro front and it is hoped that the worst is now over. Let’s take a look at other analysts’ BTC comments as Sherpa shares their predictions for ZRO Coin.
Bitcoin (BTC)
Many optimistic analysts have now exhausted their hopes for a comeback for Bitcoin. Even Jelle thinks that under current conditions, BTC is following the 2022 road map. The analyst sharing the chart below argues that the bottom at $60 thousand is not enough and we may see a deeper bottom.
“BTC continues to closely follow the 2022 bear market road map.
If it continues in the same way, there will be a relatively slow decline from here to below $ 50 thousand and then an increase again.
Many people are talking about buying at this level. “If the price reaches this level, I wonder if they will buy.”
He is not wrong in this regard, because at the 2022 bottom level, many investors held back from buying because they were targeting 14 thousand dollars. If we see a deeper bottom this year, we will likely see most investors remaining cautious as the target will be below $30,000.
Analysis platform called On-Chain Mind of Bitcoin He explained that part of the price increase was actually due to the depreciation of the dollar (inflation). The nominal price is 66 thousand dollars, but when we take into account the depreciation (inflation) of the dollar since 2016, the purchasing power of 66 thousand dollars today corresponds to 30,000 dollars in 2016. The analyst drew attention to the mistake of getting richer (abundance of money, a different perspective on inflation) based on M2 Money Supply (the amount of printed money put into the market) instead of CPI.
“This, of Bitcoin That doesn’t mean it hasn’t appreciated significantly. It has gained a value far beyond the expansion in the money supply. But nominal gains exaggerate reality.
In terms of purchasing power, this movement is almost 50% less than the headline price indicates over 10 years. “In terms of purchasing power, this movement is almost 50% less than the headline price indicates over 10 years.”
ZRO Coin Review
this week ZRO It was one of the prominent altcoins, and when the lack of volume and the general market negativity are combined, these highlights become more valuable. yesterday’s ZRO Coin Stating that he did not miss the rise, the analyst nicknamed Altcoin Sherpa recommended looking for an entry opportunity at lower levels after the profitable sales transaction.
“I bought and sold ZRO last night during the big rally, but it is currently holding steady. I would like to re-enter at a slightly lower price in the $2.10 – $2.00 range, but we’ll see if that happens.”
I don’t think this is something to hold onto for a while; there is unlocking + inflation… but as a trade, it’s probably a good opportunity. “I’m waiting and trying to be patient, but I’ll probably buy some in this consolidation range just in case it’s bullish.”
