Why Bitcoin Can Still Pump Short-Term

Currently I think it is unlikely that cryptocurrencies will enter a strong bulls market in the next 1-2 years The overall trend is that there is a strong possibility of a large down market Maybe the market is flat but that's the worst situation

Still the possibility that this will cause the cryptocurrency to rise in the short term is not completely zero Even in a bear market virtual currencies can sometimes cause unexpected rebounds and overturn investors' expectations

Currently the price of Bitcoin seems to be hovering in the range of $60000 to $70000 This price range is technically and psychologically important and prices are expected to move up and down here After that the price will most certainly drop to $55000 Moreover if the severe correction continues it could even reach $50000

However it may rise in the short term Bitcoin could once again aim for $70000 this week or next

The reason is that

1 Buying at camping points may become active
2 ETF inflows may stabilize demand
3 Minters selling pressure has decreased and is more moderate than before
4 There is market expectation due to lower interest rates
5 Temporary liquidation may occur upon breaking through local resistance levels

However overall the larger environment is still unstable Global liquidity has not strengthened interest rates are still high and large investors are generally less riskaverse Under these conditions a rally will occur but it will not necessarily lead to a sustained bull market

In other words a shortterm rebound is possible but a new bull market is not yet certain