The leading cryptocurrency Bitcoin reached its new ATH in March, stimulating the market. However, the declines that started in April caused investors who were expecting a rise to remain in reverse, and caused many investors in long positions to be liquidated.
While the recovery in the BTC price after these declines caused the liquidation of short positions this time, YouHodler analyst Sergei Gorev stated that technical and fundamental analysis indicators are optimistic for Bitcoin and the cryptocurrency market as we enter May.
Speaking to The Block, Gorev stated that investors continue to open short positions, so downward pressure may continue in the short term.
Although Gorev argued that there may be a decline in the short term, he said that he expects the rise in Bitcoin to continue and the price to rise above $ 80,000 in the medium term.
The analyst stated that the current correction may continue next week and said that $ 52,000 is a possibility:
“The current price correction in BTC may continue in the coming week.
“At this point, with BTC's 61.8% Fibonacci golden ratio level at $52,000 still intact, we think there is a possibility that the correction could deepen to $52,000.”
As you may remember, during the week, Standard Chartered analysts also said that Bitcoin could drop to $ 50,000.
*This is not investment advice.
