Analysts Explained! Bitcoin (BTC) Investors Should Follow This Level and These Events for an Increase!

Bitcoin After a sharp decline on Monday, it fell below $50,000, but in the last two days it made a rapid recovery and rose above $60,000.

Now in mind “Will Bitcoin continue its rise? Or was this rise a trap? Will the price fall again?” While there were questions, analysts shared their expectations.

Speaking to Coindeks, Alex Kuptsikevich, senior market analyst at FxPro He said that Bitcoin bulls are gaining momentum but a clear breakout of $61,800 is needed for the rally to be confirmed.

“A weekly close above $61,800 in Bitcoin would attract buyers and could encourage its price to rally rapidly towards $67,000.

However, failure to pass this level and a possible pullback would see the price return to its July and August lows around $55,500.

“In addition, $61,800 marks the point where the 50- and 200-day simple moving averages meet, and this level appears to be a critical level for the continuation of the rise.”

Bitcoin’s Rise Depends on Geopolitical Issues and the FED!

Apart from Kuptsikevich, analysts from investment consultancy firm Two Prime also announced their BTC expectations. In a note sent to clients, Two Prime analysts stated that they expect an increase in Bitcoin, and said that the rise in BTC depends on geopolitical issues and FED policy.

“We continue to watch $54,000 as a major support area in Bitcoin, followed by $50,000.

So far these levels have worked well and every time Bitcoin has reached this area there has been persistent buying demand.

“Now we wait to see if the Israel/Iran conflict escalates and if the US government takes steps to reduce risks, both in the geopolitical realm and in the Fed’s monetary policy, for Bitcoin to rally.”

*This is not investment advice.