Pay Attention to These Predictions: Experts Mapped the Long Term for Bitcoin! - Coinleaks
Current Date:November 7, 2024

Pay Attention to These Predictions: Experts Mapped the Long Term for Bitcoin!

While Bitcoin price continues to trade in a narrow range without direction, senior analysts at Glassnode and Bernstein offer two different scenarios regarding the long-term outlook.

Glassnode founder has negative thoughts about Bitcoin

Yann Allemann, founder of the analytics firm Glassnode, predicted that the recession would continue in the short term in his analysis shared on September 5. However, Allemann says the risk reward ratio will be satisfactory. In his analysis, he shared several levels that will be critical for Bitcoin bulls:

Medium-term outlook: Positive risk/reward, but short-term, uncertain ($25.8K – $26.8K).

⁃ Possible levels due to downtrend: $23.8 thousand – $24.8 thousand
⁃ Bottom signs: RSI uptrend, decrease in volatility.

Consider buying post-dip or holding solid at $26.8K to break the downtrend.

At the same time, Allemann positively evaluated the rising trend of the RSI value and the decrease in volatility in the price, and stated that these two signals may be close to the bottom levels of Bitcoin. The analyst says that in a potential bearish scenario, we will test the $23,800-24,800 range. He also suggested two different buying strategies for investors.

According to Allemann, Bitcoin will find support in the $23,800-$24,800 range after a possible decline. In the bullish case, buyers could reverse the downtrend by breaking the $26,800 level. The analyst expects ideal opportunities for long positions to emerge in such a situation.

Bernstein analyst Gautam Chhugani says we will see a different cycle

Elsewhere, Bernstein analyst Gautam Chhugani expects the crypto market to take on a new structure in the long term. In his latest analysis, Chhugani suggested that the crypto market will move in a different way than previous cycles. The analyst says this cycle will be led by institutional capital in an unprecedented way. He bases this opinion on three important factors:

  • Ripple and Grayscale victories: Recently, companies such as Ripple and Grayscale have seen positive decisions from the courts. These developments are seen as a positive sign for the future of the crypto market. cryptokoin.comWe included the details in this article.
  • Institutional interest: Institutional investors’ interest in cryptocurrencies is increasing. Large companies and financial institutions are becoming more open to investing in cryptocurrencies. This shows that the market has the potential to attract more institutional capital.
  • Potential ETF approvals: Exchange-traded funds (ETFs) have been a long-awaited development. While ETF hopes increase as a result of Grayscale’s lawsuit, the SEC’s decisions regarding Bitcoin ETF applications continue to focus on developments in this field.

Finally, Chhugani emphasized that this cycle is moving slowly, but has stronger foundations. Legal clarity and participation of long-term players increases the robustness of the market. Grayscale’s positive decision from the SEC and ETF prospects are shaping the market’s progress. Chhugani expresses his expectations in his customer note as follows:

The asset management industry will expand into areas beyond Bitcoin (BTC) and Ethereum (ETH), such as Solana and Polygon, and even venture into segments such as DeFi (Decentralized Finance) assets.