Andrei Stanciulescu, the founder of Sublime Traders, a company that makes cryptocurrency predictions, commented on the movements of BTC in the coming days in a report based on technical indicators. Stanciulescu states that the Bitcoin price expectation for the end of the year is at the level of the $80K.
Since the early days of the bear market, the Bitcoin bottom level continues to be discussed. First of all, experts who see the $40,000 region, where whale sales are concentrated, as the bottom level, defined the $30K and then $24K levels as the bottom with the prolongation of the bear market. The support zone, which was at the level of $30K, was activated when BTC fell to the level of $ 29,460 before and managed to move the BTC price to the level of $36K in a short time.
However, after the recent losses, crypto experts are making more cautious comments. During the week, a group of analysts, including the famous crypto analyst Michaël van de Poppe, sees the new low level at $24K.
However, Sublime Traders founder Andrei Stanciulescu predicts that BTC will reach $80,000 by the end of this year. Claiming that this forecast is based on technical and fundamental indicators, Stanciulescu underlines that the new bull run will start at $15K. Connecting his predictions to the resistance levels that Bitcoin creates in its downward spirals, the analyst states that these levels will serve as catalysts that will later bring Bitcoin to the level of $80K.
Negative News Triggers Downtrend
According to Stanciulescu, the reason for this high volatility in the Bitcoin and crypto money market is the negative news from various parts of the world. Developments such as criticism of Bitcoin’s energy consumption, tight cryptocurrency regulations and the closure of mining facilities make it difficult for the market to hold on to support levels.
China’s ban on cryptocurrency mining facilities is considered not only negative news, but also a decision that directly affects the Bitcoin blockchain network. With the official enactment of the bans, there is a decrease in the Bitcoin hashrate rate.
Finally, Stanciulescu states that the entry of corporate companies into the sector has negative effects on BTC value. Stating that corporate companies manipulate the market by making purchases and sales in regions where they make a profit, the analyst claims that this is a factor that lowers the price.
Important Developments to Trigger the Bull Market
While the crypto money market is losing value with the effect of negative news, on the other hand, future developments are expected from well-established cryptocurrencies. Ethereum (ETH) and Cardano (ADA) continue to work to take blockchain technology to a new dimension. As Cardano boss Charles Hoskinson previously explained, the experts who develop these technologies do not care about prices. Both updates are expected to be finished by the end of the year.
Ethereum will perform an important step of its update on Thursday, June 24. If Ripple (XRP), another well-established cryptocurrency, wins its case, it will be an important victory for cryptocurrencies. Important Developments to Trigger the Bull Market
While the crypto money market is losing value with the effect of negative news, on the other hand, future developments are expected from well-established cryptocurrencies.
Ethereum (ETH) and Cardano (ADA) continue to work to take blockchain technology to a new dimension. As Cardano boss Charles Hoskinson previously explained, the experts who develop these technologies do not care about prices. Both updates are expected to be finished by the end of the year.
Ethereum will perform an important step of its update on Thursday, June 24. If Ripple (XRP), another well-established cryptocurrency, wins its case, it will be an important victory for cryptocurrencies.
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