The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
While many experts cautiously comment on the dismal situation in the crypto market, pointing out that Bitcoin's uptrend will be broken if it falls below $100,000 and that we will not see any "moon" rally anytime soon, the Chief Investment Officer at Bitwise believes that retail investors have already reached a "point of maximum despair," which often precedes a market bottom.
Matt Hougan expresses confidence in a near-term recovery. His optimism is based on an analysis of historical data and current market trends. He notes that periods of "peak despair" are often accompanied by significant declines in trading volumes and a decrease in interest from retail investors. However, once the weakest players exit the market, conditions become favorable for consolidation and subsequent growth.
Hougan's forecast of Bitcoin reaching $120,000 to $150,000 by the end of the year is quite bold, but he emphasizes that this scenario is realistic given the potential for institutional adoption and the ongoing rise in the popularity of cryptocurrencies as an alternative asset class. He points out that a growing number of large companies and financial institutions are showing interest in Bitcoin, which could lead to a significant influx of capital into the market.
However, one thing is clear: the next bullish sequence in the crypto market will be supported by new inflows into spot ETFs; without them, the market will certainly struggle to recover. It's important to remember that forecasts are merely assumptions based on current data and analysis, and the cryptocurrency market remains volatile and unpredictable. Traders should conduct their own research and make decisions based on their individual risk tolerance and investment goals. Nevertheless, Hoggan's estimates add a sense of optimism and instil hope for a possible market recovery in the near future.
Trading recommendations
From a technical viewpoint, Bitcoin buyers are currently aiming to reclaim the $103,400 level, which would open a direct path to $106,100; from there, it's just a short distance to $108,800. The most distant target will be the high around $111,300; surpassing this level would indicate attempts to return to a bullish market. In case of a decline, I expect buyers at the $99,400 level. A return of the trading instrument below this area could swiftly push BTC down to around $95,900, with the further target in the $92,200 area.
As for Ethereum's technical outlook, an obvious consolidation above the $3,359 level opens a direct route to $3,505. The most distant target will be the high around $3,664. Once this level is surpassed, this would indicate a strengthening bullish market and robust buyer interest. Should Ethereum decline, I anticipate buyers at the $3,139 level. A return of the trading instrument below this area could quickly drop ETH to around $2,950, with the further target being the $2,756 region.
Chart indicators
Crossovers or tests of the moving averages usually halt or set the market's momentum.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
