Analysts predict the next resistance level for Bitcoin (BTC) to be $55,400, but a correction is possible before then.
The majority of cryptocurrency analysts are optimistic about the short-term and average duration of Bitcoin price fluctuations.
The current trading price of Bitcoin (BTC) is $52,257, which is 13.45% higher than the last 7 days trading price thanks to the Bitcoin spot ETF product.
Just a few hours ago, as of this writing, Bitcoin’s trading price was fluctuating very close to, but not quite at, the $53,000 level.
A prominent cryptocurrency analyst shared his prediction and said $55,400 could be the next step for Bitcoin. This means that Bitcoin is unlikely to face a major decline at the moment.
In any case, if the market faces big negative news, Bitcoin’s trading price may fall slightly below $50,000, as $50,900 is a very strong level.
Additionally, another prominent cryptocurrency analyst shared his opinion on the current Bitcoin market sentiment. He said the Bitcoin spot ETF product is really doing its best, but people need to understand that things are heating up here and there is a possibility of some correction.
Fear and Greed Index
The current Fear and Greed Index is 72. This means people are in pure greed and constantly expecting massive rallies.
Although the inflows are significantly higher due to Bitcoin spot ETF products, the pump effect on Bitcoin trading prices is higher. Therefore, the majority of analysts believe that Bitcoin’s trading price may undergo some correction. Additionally, small investors need to understand that we are heading towards a Bitcoin halving event and the market will face a major correction just before the halving process is completed.
Also Read: Data Shows Institutional Players Are Buying XRP and Sol in Huge Volumes.