Bitcoin, the leading cryptocurrency, has recently experienced a correction as it failed to sustain gains above the $30,000 mark. Despite the slight downward price movement, many analysts remain upbeat about Bitcoin’s long-term future. One such analyst, El_crypto_prof, noted that the loss of steam was indicative of the end of smart money accumulation for the asset, and usually followed by a strong bull run. Similarly, another analyst, Michaël van de Poppe, Tweeted that the asset could experience a lower test which could generate bullish divergences.
One of the key reasons behind this relatively positive outlook is the belief that Bitcoin could take advantage of the banking sector crisis occurring in the United States, sparking optimism in the Federal Reserve’s stance on inflation. This optimism was compounded by the latest high UK inflation data, causing a sell-off across risky asset markets.
TradingView technical analysis for Bitcoin shows a neutral stance, with one-day gauges summarizing as neutral and oscillators suggesting a sell sentiment. All-in-all, it appears that investors are closely watching the space, in anticipation of bull activity to help Bitcoin avoid any further downturns.
Parker Kelly
- 2023-04-23
Analysts Bullish on Bitcoin in Face of Correction
Bitcoin has recently experienced a correction after failing to sustain gains above the $30,000 mark, but many analysts remain bullish on the cryptocurrency pointing at the banking sector crisis in the US and optimism in the Federal Reserve’s stance on inflation as key drivers of a future bull run.
