BTC could potentially reach $14.000
The market is showing situation that will become the basis for future growth up to $10.000 and higher, 8848 Invest analyst Mark Sorokin believes.
The last few weeks have shown the potential for future significant growth of BTC and the market as a whole. After updating the previous support lows the ‘buyback’ occurred.
‘A significant number of stop losses were completed behind this range, after which the market balance changed dramatically, provoking a sharp ‘buyback’. After this, as expected, the market began to form an intermediate flat, an additional position, which so far visually looks like a false dropdown. In the current range, I expect volume overflow and upward movement. We hope that the target will be $12.000,’ the expert said.
Globally, the market could potentially reach $14.000 and higher, but it’s premature to tell about fast movement now. It’s important what will happen in the coming weeks.
‘If flat will continue and its borders will expand, the BTC will go down, updating minimum of $7.000, which will evaluate into even much more durable flat,’ Mark Sorokin said.
According to him, the priority and immediate market goal is the level of $10.500, which was the previous maximum.
‘If someone’s stop-losses will be completed there, the situation will change again and the market will roll back. In the current range, we can expect growth will occure,’ 8848 Invest expert summarizes
The market grows amid positive China news
New Bakkt platform’s rec are among the significant news of last week. Its trading volumes updated highs, which were expected before.
‘Most cryptocurrency market investors are holders who hold their positions for the long term, at least six months to a year. This makes the Bakkt platform very attractive. It’s trading volumes continue to grow, even taking into account the fact that we are talking about derivatives,’ the expert notes.
At the same time, Russia is finalizing a new draft of cryptocurrency, or rather, ‘digital assets’ market law. However, this news doesn’t deserve any serious attention of the community due to the lack of specificity,’ the expert summarizes.