Bitcoin Price Analysis and Forecast: Anticipated Correction and Global Events Impact
Date: 2023-11-13 Author: Dima Zakharov Categories: IN WORLD
Current Situation in the Bitcoin Market
Bitcoin continues its upward trend despite signs of increasing bearish sentiments from technical indicators. The local bullish impulse, according to freedmanclub.com, is likely driven more by the news background than a significant influx of buying volumes.
Last week witnessed a weakening of buyer positions, and the market is considered overbought. The drop in the price of Bitcoin to the $38,000 mark indicates significant selling volumes in this area. This could be a sign that investors are actively selling their assets in anticipation of market changes.
Global Impact on Bitcoin Price
The situation in global markets also contributes to fluctuations in Bitcoin's price. In the anticipated correction in the cryptocurrency market, decreasing purchase volumes and the dominance of bearish volumes in the range of $37,500 - $37,900 may lead to further price declines, potentially reaching $36,500 or even lower.
Macro-economic uncertainty in global financial markets is another crucial factor. The U.S. corporate reporting season is accompanied by expectations of deteriorating company results in the fourth quarter. Moody's Investors Service downgrade of the U.S. forecast from stable to negative points to serious economic challenges, such as a significant budget deficit and political confrontation.
Impact of Global Events
Expectations regarding developments in the Middle East and the ongoing decline in oil prices add uncertainties to financial markets. Despite analysts' forecasts of oil prices reaching $100 per barrel, the current trend indicates a continuing decline.
Bitcoin Price Forecast and ETF Expectations' Influence
According to the forecast presented by freedmanclub.com, the Bitcoin price is likely to undergo a correction to the level of $36,800. However, the expectation of approval for a spot Bitcoin ETF may support prices in the range of $36,800 to $37,600. This background creates an optimistic atmosphere among investors, keeping the market under the control of bulls.
Possible Development Scenarios
In the event of a change in the news background unfavorable to Bitcoin's price, a decline is expected. In such a case, the Bitcoin price forecast may range from $36,400 to $37,000. However, with a consistent market focus on the expectation of a spot Bitcoin ETF, the price may be maintained within the range of $36,800 - $37,600.
