And he added: “If the price were to rebound, I would have to validate the price above the u$s42.960 to confirm the recovery of the price and to be able to ratify a good purchase price, otherwise it will exceed it, it goes to the same price level in u$s32.840″.
For its part, Francisco Guglielmotti, Crypto specialist in NW / Professional Traders, said that “Bitcoin is clearly respecting a very important price zone.” According to the technical analysis complemented by the survey of the On-chain metrics (accumulation of BTC in the exchanges that is declining) “it allows us to interpret that we could be facing a very important accumulation zone for the cryptoactive”.
And he added: “Defining the duration of this accumulation process would result in a somewhat ambiguous conclusion, but it is very important to keep this in mind, since it could mean that we are facing a stage prior to a subsequent upward run in price.”
According to Guglielmotti, the zones between u$s40.000 y u$s43.000 They are very important places to analyze how the price will react, to be able to determine if the price will go one way or the other. Should it react bullishly, the highs that Bitcoin reached over the past year are a very important point to interpret when approaching.
Julian ColomboBitso’s Head of Policy, in his opinion stated that “Bitcoin is not for short-term speculation. For weeks it has been in a process of accumulation in the fringe of at $ s40,000 with various tests of support and resistance”.
Colombo also reviewed the performance of the crypto market so far this year. On the one hand, “several public companies began to accumulate Bitcoin in their treasury and large institutional investors became more interested in digital assets.” But, on the other hand, “many governments have declared their firm intention to regulate the ecosystem, generating uncertainty about how digital assets will be regulated.”
Given this situation, he explained, “we saw how the price of Bitcoin went from u$s68,000 a u$s33.000“. “So far in 2022, the global economy is being affected both by the war and by inflation in dollars,” he added.
Finally, in the long term, Colombo maintains that a relevant factor will be the next halving in 2024 (when the emission of BTC is reduced by half). “Normally, a year before the halving, the price of Bitcoin usually starts an uptrend, which benefits long-term buyers,” he closed.