Analysts are speculating on whether the recent rise in Bitcoin will continue, as the leading cryptocurrency surpassed the $63,000 mark in an attempt to recover from sharp declines in June.
While many investors are hopeful for a sustained upward trend, analysts are cautioning that there may be significant resistance ahead for Bitcoin. Blockware Intelligence analysts have highlighted the potential losses facing short-term investors, who are now at a crossroads. They may choose to hold onto their investments despite losses, or they may decide to sell at a loss.
Should this group of investors opt to sell, it could lead to selling pressure around the $65,000 mark for Bitcoin. Despite this, analysts are still expecting the overall upward trajectory of Bitcoin to continue, although they anticipate resistance at the $65,000 level due to the situation with short-term investors.
Analysts also referenced the summer of 2023 when Bitcoin lost its price support level, leading to a period of sideways movement for two months before eventually beginning to rise again.
In addressing the recent declines in Bitcoin, analysts emphasized that while they may be significant for short-term investors, they are a normal part of the market cycle for long-term investors. They compared the current situation to the 2017 cycle when Bitcoin experienced 10 declines of 20% or more, describing it as a healthy correction in a bull market.
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