CryptoSync Bitcoin Analyst Expects Favorable Trade Winds if BTC Price Can Cross $3,700 USD
For anyone following Crypto developments over the past year, the situation has been akin to seeing their favorite sports team, otherwise strong and proud, trudging through a losing streak. Now, with a period of relative stability finally dawning, pundits are out with their predictions.
While some economists are warning of more pain, claiming the prices will bottom out at around the $1200; there are many who have a more bullish outlook. As a matter of fact, experts opine that if Bitcoin [BTC] can hold its current market streak, it will boost the entire Crypto market.
A Soldier Of Fortune
While there are optimists like the Chinese Billionaire, Zhao Dong, who says that BTCs road to recovery will lead it to cross the $50,000 value by the middle of the next decade, most predictions are more circumspect. The volatility of this young industry has been at the center of attention, thus, most traders are more cautious about their formulation of price expectations.
The relative stability of the past few weeks has seen the price of BTC to be confined around the $3600 mark. Some have noted this is just the calm before another slip. However general data, whilst still on a downward trend, shows that it is harder to fall under the resistance barriers after the massive losses of November last year. Therefore there is more to the market behavior than just luck.
Upward Trend Expected Soon
The stable period has emboldened many such Crypto Sync analyst and trader, Luke Martin, to suggest that the current performance is indicative of an oncoming bullish streak.
In fact, he says, if BTC exceeds and holds the $3700 value, the cumulative effect should buoy the entire industry. This thought has been getting a lot of traction in the community. Thus when he tweeted on the 17th of January
“ $BTC battling to reclaim the range all week. If price can get back above 3700 I'm more excited about alt positive momentum continuing,” it had the crypto followers on Twitter excited.
And this is not just some ideal chatter either. The expert analyst says this prediction is short term, based on Fibonacci’s retracement.
This places the points of resistance on $3700 and $3820 for short term success to push prices up and increase market confidence.
Big Players At Work?
Using those insights, many traders have used that technical advice to base predictions around the price range expectations in the mid 4000 range. A Tradingview trader, goldbug, has discussed the current behavior as,
“showing the structure of entering another range bound market.”
He maintains that the prices will hover around the 3500 marks until a breakthrough is achieved and the prices catapult over $4500.
The same user went on to talk about past experiences about how markets bottom over time. His observations note how such bottoming structure starts with a range bound market that shifts into a higher range bound market before beginning to run.
“Often when markets are out of favor large players raid a market and push it lower in order to accumulate at better prices,” he added.
The relative stability is an encouraging sign for the general health of the industry. One can only hope that experiences of the recent past have been well imbibed and the new year will help in turning a new page.