The traces of the sharp declines in the Bitcoin and cryptocurrency markets are being erased. At this point, BTC and altcoins started to recover, and BTC rose above $ 59,000 in the morning hours.
While this recovery in the market was broad-based, Ethereum (ETH) increased by 1.4%; Solana (SOL) 3%; Avalanche (AVAX) 7%; Aptos (APT) gained 5.4% and Arbitrum (ARB) gained 6.3%.
While this rise in Bitcoin gives investors hope, analysts remain worried about the continuation of the rise.
At this point, 10X Researh founder Markus Thielen first said that BTC could potentially continue to rise up to $60,000 for a while, but the rally would be short-lived.
“The $55,000-$56,000 range forms a base from a technical analysis perspective. However, considering the damage caused by the declines, it has negatively affected BTC in the medium term.
Therefore, we do not expect these increases to be more than a short-lived rally.
At this point, we predict that Bitcoin could rise again towards $60,000 before falling to a low of $50,000, creating a complex trading environment.”
Volatility in Bitcoin May Continue Until October!
Apart from Markus Thielen, K33 Research senior analyst Vetle Lunde also announced his Bitcoin expectations.
Stating that third quarters generally offer the weakest returns historically in Bitcoin, Vetle Lunde said that this weakness is due to Germany's BTC sale and Mt. He said the ongoing cashback rollout at Gox was also supported by the pressure it was putting on prices.
The market has been under pressure throughout the summer from the German government and Mt. Stating that Gox will need to absorb 75,000 to 118,000 BTC sales from its customers, Lunde said that the value of these BTCs that are likely to be sold at current prices corresponds to a value between 4.3 billion and 6.8 billion dollars.
“We expect the possible sell-off expected in Bitcoin to weigh on Bitcoin's performance in the coming months, and market volatility to continue until October.”
*This is not investment advice.
