Crypto traders gave forecasts for bitcoin

Bitcoin fell amid negative news background. Let’s take a look at the main pressure factors that are being talked about in the crypto community:

• Liquidation of a large crypto bank Silvergate. Many representatives of the crypto industry are confident that the closure of the company will entail a wave of new bankruptcies of crypto projects.
• The plans of the US Federal Reserve to tighten monetary policy. Analysis of the impact of the regulator’s actions on the crypto market – by link.
• New York Attorney General’s Office Charges Large Crypto Exchange KuCoin for Violating Securities Laws.
• Proposals to change the taxation scheme for members of the crypto community in the United States. In particular, Biden calls for a 30 percent tax on all electricity used to mine cryptocurrencies. Recall that the United States is the largest center for the extraction of digital assets.
• The risks of recognizing the second cryptocurrency in terms of capitalization – Ethereum (ETH) – as an illegally issued security. The New York Attorney General’s Office believes that the coin can be attributed to the designated group of assets. Recall that according to the US Securities and Exchange Commission (SEC), the only coin that can be considered a commodity is bitcoin.
• Crypto-friendly Silicon Valley Bank struggles amid an asset sell-off organized by its team. The shares of the credit institution that serves many companies close to the crypto industry, including Andreessen Horowitz (a16z), have collapsed by more than 60%. The death of the bank, according to cryptans, can put significant pressure on the market.

Also, the fall of bitcoin was accompanied by a decrease in the token of the large crypto exchange Huobi by more than 93% in less than 10 minutes. Chinese journalist Colin Wu, referring to the words of one of the owners of the trading platform – Justin Sun – writesthat the reason for this movement of the coin is a large one-time liquidation.

Bitcoin exchange rate forecast

The fall of bitcoin has become an occasion for speculation about whether the decline of the coin will continue. The opinions of the members of the crypto community differed. Below is a bitcoin forecast from representatives of the crypto industry.

Many traders believe that the BTC correction will be completed soon. For example, this point of view adheres to analyst @davthewave. In his opinion, the fall of bitcoin opened up the opportunity for the cryptocurrency to move to new local highs.

maximum #btc pain can equal maximum opportunity. pic.twitter.com/dzIjWVMH84

— dave the wave🌊🌓 (@davthewave) March 9, 2023

Some market participants notedthat the fall of bitcoin was expected, since a gap formed on the cryptocurrency chart, which, from the point of view of technical analysis, the coin had to fill.

Positive attitude also saves crypto trader @rektcapital. According to his observations, the fall of bitcoin has already exhausted its full potential. He believes that against the background of the approaching halving in 2024, the coin can resume growth.

#BTC rejects from the Macro Downtrend resistance$BTC #Crypto #Bitcoin pic.twitter.com/ulb4Lob971

— Rekt Capital (@rektcapital) March 9, 2023

The @inmortalcrypto analyst also adheres to a positive scenario. Bitcoin crash today became for him a reason to buy cryptocurrency.

Some members of the crypto community sees the potential for a deeper correction against the backdrop of a breakthrough by the cryptocurrency of important support levels. For example, trader TraderSZ does not exclude the fall of bitcoin below $19,000.

$BTC — we’re at mid range now. IF we get below circled level, its over pic.twitter.com/cslWeAA4oe

— TraderSZ (@trader1sz) March 9, 2023

Many other members of the crypto community agree with the opinion of TraderSZ. At the same time, some see the potential for a deeper market drawdown. For example, Bitcoin price forecast from @Washigorira implies rebound of the coin from the level of $18.3 thousand. Trader @trader1sz, in turn, does not exclude descent of the coin to $16 thousand.

There are supporters of more negative scenarios on the market. For example, Bitcoin forecast by analyst @Anbessa100 does not exclude BTC drop to $11,000

#Bitcoin

Since I’ve been nailed #BTC the last months like a handful but bears get the most clout cause majority missed out waiting for $12k

This is a bearish clout tweet. You greedy but scared @starbucks costumers with a mental state linked to #BTC price action want to see #Bitcoin… https://t.co/qQhRIprs6Q pic.twitter.com/elpxHyQgjD

— AN₿ESSA (@Anbessa100) March 9, 2023

Despite some negative bitcoin forecasts, most market participants remain optimistic. This is indicated by the results of the survey, which in its microblog launched analyst Lark Davis.

How are you feeling about #crypto right now?

— Lark Davis (@TheCryptoLark) March 10, 2023