Up or Down? Analysts Disagree on Where Bitcoin Will Go

Will Bitcoin price go up or down? BTC volatility caught cryptocurrency market analysts by surprise, dividing them into two warring camps.

June 18, 2021, | AtoZ Markets – The Bitcoin market is mired in uncertainty. This is the conclusion reached by the head of the analytical resource CryptoQuant Ki Young Ju. In his words, the market is stuck in a neutral position when it is not clear whether a bearish or bullish trend came.

Will Bitcoin Price Go Up or Down? Analysts Are Puzzled

Source: twitter.com

For example, as you can see in the graph above, the whale surrender index began to rise slightly again. However, it is still unclear whether the whales have really started to liquidate their positions in bitcoin or not. According to Ju, traders should stop trading and be patient until the market situation becomes clear.

Analysts are puzzled by Bitcoin volatility

However, analyst Willie Wu has a radically different opinion. For example, in his opinion, the network value of transactions (NVT) indicator still signals a bullish trend.

Up or Down? Analysts Disagree on Where Bitcoin Will Go

Source: twitter.com

Recall that the NVT indicator, created by Wu himself, describes the relationship between the volume of bitcoin transfers and the market capitalization of a cryptocurrency. The indicator shows the overbought and underutilization of Bitcoin.

However, users have noticed that the NVT indicator does not always correctly reflect the market situation. For example, against the background of the bearish market in 2018, the indicator also showed exclusively bullish sentiment. Users doubted that the indicators of the past will be repeated this time too.

Meanwhile, AtoZ Markets analyst MD Rockybul Hasan believes that Bitcoin bulls have regained momentum and pushed the price higher quite impulsively after BTC retraced towards $36,000 to $35,000 support level.

According to his recent Bitcoin analysis, the overall momentum is bullish, and there is a high chance that the bulls may continue further higher in the coming days

Think we missed something? Let us know in the comment section below.

Share Your Opinion, Write a Comment