As the price of Bitcoin continues to hover around $30,000, traders are attempting to predict its next targets. After a second day of sideways trading, the market still lacks strong confirmation of a continuation to $31,000. Despite the overall uncertainty, some traders are optimistic about the possibility of Bitcoin price reaching the yearly high of $31,000.
Popular trader Daan Crypto Trades suggests that the area around $30,800 represents a popular invalidation point for those shorting Bitcoin after its recent upside. However, Maartunn, a contributor at on-chain analytics platform CryptoQuant, notes that rising open interest on exchanges against flat price performance may result in a snap drop in Bitcoin’s value.
In another perspective, Ben Lilly, founder of crypto analytics firm Jarvis Labs, has mixed feelings. After investigating various data sets, he leans towards a push higher into the $32,000 range following the upcoming options expiry on June 23, worth over $700 million. Thanks to strong accumulation, Lilly believes it would be a mistake to bet on the rally fizzling prematurely.
Despite the presence of bullish data points, traders possess a wait-and-see attitude for now. While some have no intention of going short, they also don’t show much interest in entries while Bitcoin price action remains in a tight range.
As traders debate the future of Bitcoin’s price, it’s clear that the market sentiment remains divided between optimistic and cautious forecasts. This conflict highlights the current struggles within the cryptocurrency industry, as it attempts to determine the future direction of Bitcoin and its potential impact on other digital assets.
Source: Cointelegraph
