Analysts say Bitcoin price is “fatal drop”, shows BTC will soon be 75k. will achieve
Volatility is the name of the game in the crypto market, and the Bitcoin (BTC) sell-off on the evening of November 11th was a reminder that new all-time highs are often followed by support levels.
Data from Cointelegraph Markets Pro and TradingView show that after falling to lows near $ 62,800 on Nov. 10, Bitcoin price attempted a rally back towards $ 65,000 where the bulls are currently trying to consolidate and forge ahead regroup another rise.
This is what analysts say about the outlook for Bitcoin and the crypto market as fears of rising inflation dominate the US headlines.
Bitcoin drop is “temporary”
BTC’s rapid drop of $ 7,000 might come as a shock to some, but for the analyst and Twitter user nicknamed “Nunya Bizniz”, the price movement over the past few days has been a bit of a shock in the nature of Bitcoin’s past performance.
The bitcoin drop is temporary! pic.twitter.com/DdpL8ggHRo
– Nunya Bizniz (@Pladizow) November 11, 2021
As can be seen in the graph below, which shows Bitcoin price along with its 20-day moving average (20-MA), a BTC price rally is often followed by a pullback that hits or quickly falls below the 20-MA before he goes back upstairs.
Evergrande and inflation affect the market
Jean-Marc Bonnefous, Head of Wealth Management at Tellurian ExoAlpha, provides an insight into the macro factors, noting that “there has been a lot of discussion about the implications of the judgment. Evergrande story on the recent sell-off in the market.”
To make the development more relevant to crypto holders, Bonnefos stated that the “Evergrande news is supposed to prove that what Elon Musk has tweeted is cryptocurrency,” by saying, “The news is a bit manipulated about the market to move”.
According to Bonnefos, “the crypto market seems to be overreacting” to the headlines and “the recent decline may be more of a technical consolidation after the strong rally of the past few days”.
And it’s not just the negative Evergrande headlines and tweets from influencers that are influencing price behavior in the crypto market. According to Bonnefos, the recent 6.2% rise in the US consumer price index (CPI) also points to a key factor affecting global financial markets and the price of bitcoin.
“The latest shock inflation numbers in the US will be the underlying driver behind the bitcoin price support along with short-term tactical selling pressure.”
Related: Here’s why Bitcoin loses $ 6,000 in just a few hours is good for BTC price action
Bitcoin is in a necessary retest
One last word of encouragement was given by the Twitter user analyst ‘GalaxyBTC’, the sent The graphic below outlines a possible course for the BTC price, which will hit $ 75,000 in the short term.
The analyst said
“Yesterday’s retest is necessary to continue the upward cycle in a healthy way. I think we’ll start pumping more now. “
The total crypto market cap is $ 2.847 trillion and the dominance of Bitcoin is 43.1%.