Several analysts have published the forecasting on the price of Bitcoin according to which the small growth in place since yesterday could continue.
Should it continue the next target of course is $28,000.
Current forecasting of Bitcoin’s price
In particular, analyst Tomoya Hasegawa of the Japanese exchange Bitbank has been convinced for days that the target is indeed $28,000.
His hypothesis is that the trend direction is mixed, over the short, medium and long term, but with two buy signals that could indicate an attempt to test the upper price of the current band again.
The fact is that yesterday finally a rebound in the US stock markets pushed the price of BTC above $27,000, and this may have ended the short downward cycle that began on September 21.
Tonight, moreover, the Chinese markets (especially the Hong Kong Stock Exchange) followed the example of the US exchanges, and supported the small upward phase.
Should this phase continue today, or in the coming days, a breach of the $28,000 mark is also expected.
It should be noted, however, that Hasegawa himself until a few days ago seemed skeptical instead, as he assumed that the price might remain below $27,000. The turning point came yesterday with the rebound of the US stock markets, which was not at all expected.
The macro situation and Bitcoin’s price forecasting
The problem is that there does not seem to be much optimism at the macro level.
However, a couple of events positively affected yesterday.
The first was the discussion of the dreaded US government shutdown. In fact, there have been many times before the risk of Congress not approving increased government spending, resulting in a government shutdown, but then the situation has always been resolved.
Yesterday, in particular it appeared that the Republican opposition was beginning to back down on its threat not to approve the government spending increase.
Many people are becoming convinced that, as has always been the case in the past, in the end Congress will not oppose it, not least because there are elections next year, and for the
Republicans such a gesture would be a very bad calling card, given the consequences it would cause.
The second is the spread of speculation that the Fed may have finished raising rates.
This is something that is by no means certain, and has been discussed for a while now, but yesterday it took further shape, removing some of the fear.
However, this situation is still in flux, and the markets could also decide to change their minds at any moment.
Bitcoin’s signs of strength
To add to all this, the price of Bitcoin had already shown small signs of strength in recent days.
In other words, if yesterday’s rebound in the US stock markets might have seemed unexpected, a rebound in the price of BTC, on the other hand, seemed to be in the air.
In particular, the fact that it had not slipped below $26,000 this time, despite the drop in almost everything else (including gold), really hinted at a good hold.
So all the more reason, should the macro situation not change, the landfall of the current trend could really be $28,000.
It should also be considered that $28,000 is by no means a high price.
On the contrary, the still ongoing lateralization began on 17 March precisely with a rise to almost $27,900.
Since then, between ups and downs, the price of BTC has always fluctuated more or less around $27,000, with brief peaks below $25,000, and brief spikes above $31,500.
In other words, the current price is perfectly averaged with that of the past six abundant months, and even a rise to $28,000 would only confirm the lateralization, especially after being at $26,000.
All of this leads one to believe that there should be no jolts in the short term, barring unforeseen events capable of breaking the current trend.
A totally different discussion, on the other hand, concerns the medium/long term.
According to Hasegawa, underlying this faint optimism is the hope that the SEC will sooner or later approve spot Bitcoin ETFs for the US market.
The ruling in which the US Court of Appeals gave right to Grayscale, and wrong to the SEC, suggests that the agency can now no longer make excuses and further refuse to approve ETFs on spot Bitcoin.
This is why many are now giving approval as extremely likely, and the market is reacting accordingly. When news of BlackRock’s request in this regard came out, the price of BTC also rose above $31,500, partly because BlackRock has an ETF approval rate of more than 99%.
All this according to Hasegawa tsa spreading a modicum of optimism in the crypto markets, and the price of Bitcoin is benefiting positively.
However, this does not detract from the fact that the macro situation remains complicated, so there is nothing to rule out that another wave of pessimism may come to dampen enthusiasm.