The leading cryptocurrency Bitcoin rose above $ 38,000 with its rise today, but this was not permanent.
At this point, while BTC has fallen back to $ 37,780, the upward expectation for Bitcoin continues.
Speaking to Coindesk, FxPro's senior market analyst Alex Kuptsikevich was also one of those who expected an increase in BTC.
Stating that at this point, Bitcoin may be producing energy for the next rise, Alex Kuptsikevich said that BTC has been in the consolidation process for about three weeks, that this process lasted shorter than expected, that the withdrawals are limited and that these are a sign of “dip buying” demand.
“Bitcoin recovered in an ascending channel, reaching a three-week high of $37.8K on Wednesday evening.
Intensifying selling is thwarting attempts to raise the price, but pullbacks have become more limited in the past three weeks.
This shows that Bitcoin may be generating energy for the next rise, and the uptrend is increasing.”
*This is not investment advice.