Bitcoin Rebounds Toward $60K, but Choppiness Likely to Persist: Analysts

Markus Thielen, founder of 10x Research, predicts that Bitcoin’s upward trend may persist for some time, possibly reaching $60,000. However, he cautions that this rally is likely to be temporary.

From a technical standpoint, the price range between $55,000 and $56,000 is forming a foundation. Yet, considering the medium-term technical harm, we predict only a brief and tactical uptrend for the short term. (Thielen’s statement paraphrased)

As a crypto investor, I believe Bitcoin has the potential to bounce back up towards $60,000 in the near term. However, this might not be a sustainable rise and we could see another decline, potentially reaching the low $50,000 range once again. This seesaw price action makes for a challenging trading environment.

As a crypto investor, I’ve noticed that seasonal trends haven’t been kind to Bitcoin lately. Specifically, the third quarter has historically underperformed in terms of returns for the leading cryptocurrency. According to Vetle Lunde, senior analyst at K33 Research, this trend held true once again on Tuesday.

In Saxony, Germany, where there’s a weak seasonal trend, the sale of confiscated property and the ongoing process of distributing Mt. Gox refunds are putting downward pressure on prices.

As a crypto investor, I’m keeping an eye on the market estimates provided by K33 Research. They suggest that during this summer, selling pressure from Saxony and Mt. Gox customers could range between 75,000 to 118,000 Bitcoins. At present prices, this equates to a substantial amount, ranging from $4.3 billion to $6.8 billion.

“According to Lunde, we anticipate these flows could put a strain on performance in the upcoming months, and he believes the volatile market will persist until October.”