According to Wilfred Day, CEO of Securitize Capital, Bitcoin is unlikely to reach the $46,000 level anytime soon, unless there is a major shift in vibration, such as risk sentiment.
Bitcoin’s notorious volatility might push the price up 5% to $40,700 this week, bringing the slide from its November peak to 40%.
A breakthrough will require a technological rally or risk appetite
“Tactical long bets on bitcoin lack the strength to drive prices over this level.” According to Day, the critical components for bitcoin to break through are a technological rally and macro risk appetite.
According to some experts, Bitcoin prices have been trapped in their narrowest trading range since October 2020, with long-term investors rushing in to purchase when token values fall and short-term investors holding off on larger gains.
As the ratio of long-term holders in the market continues to climb, Bitcoin is consolidating below $41,000. However, owing to economic factors, I do not predict a dramatic price increase this year, “said Markus Sotiriou, an analyst at digital asset brokerage GlobalBlock.
According to billionaire cryptocurrency investor Michael Novogratz, Bitcoin is expected to continue in the $30,000-$50,000 area as US interest rates climb, as per usual. According to his analysis, the token is unlikely to withstand the surge as the Federal Reserve tightens monetary policy throughout the year.