Bitcoin rises above $21,000, but experts recommend "controlling enthusiasm"
Bitcoin recovers positions in a very prominent way, managing to rise above $21,000 after overcoming the resistance of $18,420 on Friday. Experts are wondering today, on Monday, if the 'crypto-winter', the period of Bitcoin declines, and which was heightened in no small part by the FTX crisis, is over.
"Bitcoin´s price seems to be staging a massive and strong comeback. Today, we see the price of Bitcoin prices moving above an important resistance level of 20K, but traders need to be more mindful with respect to the enthusiasm they have. We are not out of the woods and nor can we say that Bitcoin has fully survived another winter because in order for us to say that yes, Bitcoin's winter season is over, the price needs to move above the 30K price mark, which is really a long shot for the time being," commented Naeem Aslam, director of analysis at AvaTrade.
César Nuez, technical analyst at Bolsamanía, who last Friday anticipated Bitcoin rises to $21,400 after overcoming resistance at $18,420, is in agreement with Aslam. "However, to see an improvement in the medium and long term we should wait for a close above $25,270, prices no less than 34% above the current ones," stated Nuez.
Bolsamania's expert added that, despite the rises that Bitcoin accumulates since the beginning of the year, we must keep in mind that its trend is strongly bearish and that the most normal thing is that we could end up seeing the return of sales at any time. The first support level is at $16,090.
SCARAMUCCI SEES BITCOIN AT $50,000 TO $100,000
SkyBridge Capital founder Anthony Scaramucci believes 2023 will be a "recovery year" for Bitcoin and predicts it could reach between $50,000 and $100,000 in two to three years.
"You are taking on risk but you’re also believing in (Bitcoin) adoption. So if we get the adoption right, and I believe we will, this could easily be a fifty to one hundred thousand dollar asset over the next two to three years," Scaramucci explained.
Scaramucci announced that he would invest his own personal funds to support former FTX US president Brett Harrison's new venture, which was unveiled just three weeks after the collapse of the FTX cryptocurrency platform.
It is understood that the cryptocurrency software company, which is yet to be named, will allow cryptocurrency traders to create algorithm-based strategies to access different markets, both centralized and decentralized.
Translated by: Alejandra Zamora