Analysts: BTC price is ready for reversal with a rise to $ 70,000

Bitcoin peaked at around $ 65,000 in mid-April, followed by a bear market that continues to this day. Jason Urban, co-head of trading at Galaxy Digital, noted that by the fall, negative news should exhaust itself and bitcoin will continue its upward movement.

In his opinion,  quotations may reach $ 70,000 by the end of this year .

Galaxy Digital trader Jason Urban believes that after the negative news downturn, Bitcoin will reverse and grow to $ 70,000 by the end of the year.

Alameda Research trader Sam Trabucco noted that the market, in his opinion, has already reached its bottom and should reverse from the current levels.

Urban believes that many institutional investors have not yet entered the crypto market due to regulatory uncertainty, however, sooner or later they will, creating an increased demand for BTC.

“I think as bitcoin declines, many institutional investors are starting to pay attention to this market. Soon we will see the renewal of the historical maximum, ”he said.

Sam Trabucco, a trader from the analytical company Alameda Research, also believes that the bitcoin market is already preparing for an upswing. In his opinion, a number of negative news that have been released recently have no fundamental value and are aimed only at creating short-term negative sentiments.

Trabucco wrote that negative news from China, Elon Musk’s concerns about the environmental friendliness of bitcoin and the likely insolvency of MicroStrategy associated with the fall in BTC are causing an overly negative reaction. Previously, the price had similarly reacted sharply to the purchase of Tesla for BTC and Musk’s optimistic messages.

“However, not all of this news is reliable and accurate. People’s opinion changes from too positive to too negative, ”said Trabucco.

According to him, the news affects short-term investor sentiment, but does not affect the long-term outlook of Bitcoin.

“None of this news in any way affects the value of bitcoin and how people should evaluate it in the medium term,” the expert said.

Trabucco also added that this has been exacerbated by a bloated derivatives market and massive liquidations.

“Nobody wanted to sell for $ 30,000, but many were forced to do so. This means that the price of $ 30,000 should be taken as a signal to buy, ”he noted.

“Are we seeing a paradigm shift today? Alameda’s new long positions hope so, ”wrote Trabucco. He meant that his company went long as it expects the market to reverse from current values.

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