BTC price shoots over the $7,200 price range as the price predictions are fulfilling, returning to the short-term volatility with a rally above the $7261 and now the leading cryptocurrency receives new long-term and near-term predictions as we are seeing in today’s bitcoin news.
The mood for Bitcoin has been quite bearish without the exclusion of the price rallies and the halving narrative still is a major factor for the price with a fear of revisiting the new lows before the 2020 rally. The investors and Galaxy Digital CEO Michael Novogratz explained that Bitcoin will stage a rally if it breaks the $7,500 level which is something that is happening right now. He also said that if Bitcoin doesn’t manage to do so, the coin could remain in range moving around the $7,000 price level.
The prominent crypto trader PlanB is still confident that in a year, Bitcoin will rally again and according to him, the price of the altcoin has a strong chance to recover above the $10,000 level. With the capability and current trade of Bitcoin, it is possible that bitcoin will increase by $600 in a day. Still, there is enough fear from the previous week for bitcoin to test new lows and the market is still showing whale signs. Charles Hoskinson who is the co-founder of Cardano is even more optimistic and he believes that the current price drop for Bitcoin is shaking down the weak sentiment again.
There is a strong dose of optimism since BTC price shoots again, with the prevailing sentiment remaining in the extreme fear territory. The Bitcoin price dropped in August and it led to a fear and greed index to about 5 points and now the November sell-off is only pushing the index to 17 points. Bitcoin also managed to rally above 42 percent in one day using the favorable conditions.
The futures trading is now even more active and can affect the overall activity while the spot markets see some whale selling. Bitcoin has the advantage of the futures market and is moving beyond the speculation of spot trading. The futures are swamping the BTC volumes and serve as a strong instrument for price discovery.
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