The price of Bitcoin has recently been in a downward retracement, but analysts remain optimistic. Pseudonymous crypto analyst and trader, “Rektcapital,” has noted that the short-term dip would not affect overall bullish sentiments.
Analysts remain bullish despite Bitcoin volatility
In a tweet, the analyst who is monitoring the market said that Bitcoin could drop to as low as $38,000, and still maintain a bullish outlook.
On the day, Bitcoin has been sliding in price. It is currently trading at around $40,200 having shed over $2000 in value, down -4.82% in the last 24 hours. The $38,000 price level is an about 5% drop from the $40,000 Bitcoin is currently trading at.
— Rekt Capital (@rektcapital) March 4, 2022
The price-performance of Bitcoin on the day has been linked to growing market concern amidst the Russia Ukraine crisis. Following growing threats of nuclear war coming from Russia, both the crypto and stock market have dipped.
Rektcapital’s take on the market has been echoed by other analysts as well. BTCfuel, another pseudonymous crypto market analysis account on Twitter, stated that Bitcoin was setting up a reversal structure, and looked poised to head to higher prices.
However, some analysts are not so optimistic. Market analyst Kaleo, previously held that a bounce from the current price range of Bitcoin was expected. However, when the price fell to the estimated support level of $40,000, the analyst conceded that more downside was to he expected.
Not gonna wait for $39K – see this as a pretty clear invalidation of the second half of the fractal.
Support didn’t hold. See more downside from here. pic.twitter.com/Y3U7Khwsve
— K A L E O (@CryptoKaleo) March 4, 2022
Long term price predictions for Bitcoin
Market participants have long maintained that Bitcoin has a bright future despite price volatility. Key market players, including billionaire Bill Miller, have noted that the price of Bitcoin is set to go only upwards.
Miller noted that even the conflict between Russia and Ukraine was bullish for Bitcoin as it would the importance of having a financial instrument that was not controlled by any one government.
Among the long-term bullish Bitcoin proponents is Bloomberg’s team of analysts who expect the price of Bitcoin to clinch a $100,000 value. In a recent report, Bloomberg Intelligence noted that Bitcoin had the potential to beat the stock market this year.