ANALYSIS: Cryptocurrency traders told what the price of Bitcoin will be by the end of this year

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ANALYSIS: Cryptocurrency traders told what the price of Bitcoin will be by the end of this year

The price of BITCOIN has been balancing above the $ 60 thousand level for several weeks without noticeable jumps. The horizontal movement of the cryptocurrency chart has forced many traders to pour their funds into altcoins. However, very soon BTC may again please investors with a new historical maximum - this is the opinion of the experts of the analytical platform Cointelegraph Markets Pro. Let's talk about the situation in more detail.

BTC is currently trading at around $ 66,000. Over the past 24 hours, the value of the main cryptocurrency has risen by 6.6 percent and most market indicators point to a new breakout for the bulls.

In general, the hourly chart of the cryptocurrency looks like this.

Bitcoin price hourly chart

We have also updated the latest data on other cryptocurrencies. Here is a ranking of the ten largest coins by market capitalization. The leader of growth on a weekly scale was Polkadot . The coin rate rose 23.9 percent over the week. Bitcoin has a similar figure of 7.7 percent, while BNB and Solana are up 23 and 21 percent, respectively.

Rates of top cryptocurrencies by capitalization

In general, the situation in the niche seems more than positive. Against this background, analysts began to try to predict the course of the main coin in the market after a certain time.

What will happen to the Bitcoin exchange rate?

According to an anonymous crypto trader under the nickname Rekt Capital, on the whole, Bitcoin was balancing on the eve of its previous peak, set back in April this year. This behavior of the asset corresponds to the continued growth - now the bulls are actively protecting the nearest support levels to minimize the likelihood of a new coin collapse.

Here is a quote from a trader on this matter, in which he shared his attitude to what is happening. The replica was published by the news outlet Cointelegraph .

Bitcoin has been moving in a horizontal channel for several weeks, however, it continues to hold above a large support zone just before the main resistance level marked on the chart.

BTC chart from Rekt Capital

Another insight into the market was provided by analyst Michael Van De Poppe in the following chart. Judging by his forecast, after a new breakthrough, the BTC price is expected to drop locally to the $ 59,000 zone. This moment can be an excellent period for accumulating bitcoins if investors want to capitalize on the further growth of the cryptocurrency. In general, the expert considers the line of 90 thousand dollars to be a long-term goal of this bull run - it will most likely be achieved by the end of this year.

Prediction by Michael Van De Poppe

The third forecast and chart from a crypto trader under the nickname GalaxyBTC. He believes that a significant milestone for Bitcoin in the coming months will be the level of 80 thousand dollars.

GalaxyBTC chart

Why is Bitcoin still unable to break through to the aforementioned levels? According to the CEO of the analytical platform CryptoQuant, Ki Yong Joo, this is hampered by the activity of large coin holders. Now they are massively selling their BTC on exchanges - about 90 percent of trading platform deposits come from their wallets.

Comparison of inflows and reserves of crypto exchanges to the price of Bitcoin

At the same time, the reserves of the exchanges continue to decline, that is, the pressure from the sellers is still not enough to contain the bull run. Most likely, the coins are sold by whales on expectations of a new local market correction before the next wave of growth, but it is important to take into account that for experienced players the profit from the same Bitcoin is already significant, because the cryptocurrency fell to 28 thousand dollars this summer.

In addition, they can completely reinvest the profit from BTC in altcoins, which seems to be a completely logical step. So such activity of large investors is not a harbinger of the end of the market race.

Once again, we remind you that the predictions of cryptocurrency traders, analysts or large investors do not have to come true. Be sure to do your own market research and only invest after a personal analysis of the niche. This approach will allow you to be fully responsible for your investment decisions and not shift the responsibility to someone else.

We believe that the experts' positive remarks are generally in line with what is happening on the coin market. Now Bitcoin is showing serious strength, which may end with the renewal of another price record. In this case, the event will attract the attention of newcomers who may have lost faith in the coin niche after the market crash in May 2021. Accordingly, in general, there may be enough space for growth even for the same BTC.