According to analysts at the Hong Kong hedge fund Quantum, Bitcoin may rise to $ 12,500, but then an inevitable and powerful fall awaits it.
Analysts note the “stretching” of the upward trend in bitcoin and the fact that such behavior of the price chart of the first cryptocurrency is preceded by a powerful downward correction. In the coming days, Bitcoin may reach $ 12,500, and then a fall to the $ 6,000 level will follow.
“The price could reach $ 12,500 and then we expect the price to decline rapidly, according to the correction model. We would recommend entering short positions and forgetting about the continued growth of the bitcoin rate in the medium term, ”says Jan Janssen, strategist at Quantum.
There are two options for the development of events – continued growth to $ 17,000 and a powerful fall to $ 6,000, or a decline in bitcoin from current levels.
“We are confident that the medium-term dynamics of ETH and BTC within 2-4 months will be a big disappointment for many people,” the report says .
Analysts also said that Quantum is now getting rid of cryptocurrency reserves and transferring them to USDT. At the moment, 60% of ETH and BTC have already been sold. The rest of the stocks will be sold in case of confirmation of the “bear” market, or upon reaching the specified levels.
Formerly popular cryptocurrency analyst and founder of Heisenberg Capital, Max Kaiser expressed the opinion that Bitcoin will continue to grow and is unlikely to meet serious resistance to the $ 28,000 level.