After a string of unfortunate events in the sector, the cryptocurrency market is still fighting to restore its power, prompting crypto traders and investors to closely study the price activity of its main asset and estimate its future price movements.
On August 9, crypto trading specialist Michal van de Poppe spotted Bitcoin’s (BTC) correction and explained why it was occurring based on a careful review of Bitcoin’s (BTC) historical behaviour.
According to him, Bitcoin is correcting owing to (in his view, unfounded) concerns around the next Consumer Price Index (CPI) or inflation data report, which is scheduled to be released on Wednesday, August 10, as well as the “barrier around $24,K continuing to remain resistance.”
In the meanwhile, another crypto market analyst, Ali Martinez, has claimed that the first cryptocurrency might hit $27,000 in the near future if it maintains critical support in the $22,720 to $23,390 demand zone.
At the same time, Mike Novogratz, the billionaire CEO of crypto investment firm Galaxy Digital, has toned down his previously optimistic Bitcoin forecast, stating that he would be “fine with a $20,000 – $30,000 range” for Bitcoin by the end of the year.
Intriguingly, Novogratz had previously made very optimistic projections for Bitcoin over the next five years, predicting that its rapid adoption rate and unique attributes would help it surpass the $500,000 mark within that time.
According to statistics obtained by Finbold from CoinMarketCap, Bitcoin is trading at $23,299 at press time, representing a fall of 3.36 percent on the day but a rise of 2.13 percent over the preceding seven days.