Cryptocurrency analysts are divided about the next Bitcoin price moves. Some believe that it has more upside, while others expect the recent rally to fade and the coin to resume its downward trend.
In an article on Thursday, I highlighted three technical factors that could impact the next price movements. I pointed to the broadening wedge, the three-driver pattern, and the fact that the coin remains above the 200-day moving average. If this theory works well, Bitcoin will rise to over $72,000 in the coming weeks.
Other well-known analysts have mixed views. On Wednesday, Cryptionary noted that the Bitcoin price would soar to $223k in the next few months. He used historical data on Bitcoin miner capitulation to make this forecast.
His thesis is that the Bitcoin miner capitulation will end soon and lead to an exponential move ahead. A $223k move means that Bitcoin will need to jump by 253% from the current level.
Meanwhile, Ki Young Ju, the founder of CryptoQuant, noted that Bitcoin will have more upside in the next few months. He noted that the stablecoin market cap has jumped to a record high, with Tether accounting for 70% of the volume.
Stablecoins have become highly popular in the cryptocurrency industry since they are the mediums of exchange in most exchanges. He also noted that Mt. Gox Bitcoin sales would have a minimal impact on the coin since it will account to just 1% of the realized cap increase in this bull cycle.
Further, data by Santiment noted that public commentary had dropped despite the recent Bitcoin price recovery from $53,700 to over $65,000. This commentary has led to more traders opening short positions, which is usually bullish for the coin.
Not everyone is enthusiastic about Bitcoin. Peter Schiff, the Chief Economist at Europac, still believes that Bitcoin has more downside while gold will continue its bullish trend now that it has jumped to a record high.
Looking ahead, the next key drivers for Bitcoin will be more dovish statements by the Federal Reserve, increased ETF inflows, more utility like Bitcoin casino onlline, and the Securities and Exchange Commission (SEC) approval of spot Bitcoin ETFs.
