Analysts stated that the price of Bitcoin is “temporary”, implying that BTC will soon rise to $75,000

Volatility is the sell-off in the cryptocurrency market and the price of Bitcoin on the evening of November 11th (Bitcoin) Remind people that after hitting a new all-time high, there is usually a substantial wash to potential support.

Data from Cointelegraph Markets Pro with Transaction view It shows that after falling to a low of close to $62,800 late on November 10th, the price of Bitcoin managed to recover to the level of $65,000. The bulls now hope to consolidate at this level and regroup to push up again.

BTC/USDT 4-hour chart. Source: TradingView

Here are the analysts’ views on the prospects of the Bitcoin and cryptocurrency markets Concerns about rising inflation Dominate U.S. news headlines

Bitcoin’s fall is “temporary”

The sight of BTC’s rapid decline of $7,000 may be shocking to some people, but for analysts and pseudonymous Twitter user “Nunya Bizniz”, price movements in the past few days are normal and are essentially based on Bitcoin’s past performance .

As shown in the figure below, this chart shows the Bitcoin price and its 20-day moving average (20-MA), which usually pulls back after the BTC price rises, and touches or briefly falls below the 20-MA before it rises again.

BTC/USDT 1-day chart. Source: TradingView

Evergrande and inflation affect the market

Jean-Marc Bonnefous, Head of Asset Management at Tellurian ExoAlpha, provided insights into macro factors. He emphasized the fact: “There has been a lot of discussion about the impact of the Evergrande story on the recent market sell-off.”

As a way to make development more relevant to cryptocurrency holders, Bonnefos stated that “Hengda News is to stocks what Elon Musk’s tweets are to cryptocurrencies” because it “manipulates to some extent Use the news to promote the market”.

According to Bonnefos, “the crypto market seems to have overreacted to the headlines” and “after the sharp rise in the past few days, the recent decline may be more of a technical integration.”

It is not just negative news headlines and tweets from influencers about Evergrande that affect the price trend of the cryptocurrency market. According to Bonnefos, the recent rise of the US Consumer Price Index (CPI) by 6.2% also shows the main factors affecting global financial markets and Bitcoin prices.

Bonnefous said,

“The recent shocking inflation figures in the U.S. should be the fundamental driver of bitcoin prices, beyond short-term tactical selling pressure.”

related: This is why Bitcoin’s loss of $6,000 in a few hours is beneficial to BTC price movements

Bitcoin is undergoing necessary retesting

Analyst Twitter user “GalaxyBTC” provided the last encouragement, he Post The chart below outlines a possible trajectory for the BTC price to reach $75,000 in the short term.

BTC/USDT 6-hour chart.Source: Twitter

The analyst said,

“Yesterday’s retest needs to continue the bull market in a healthy way. I think we will now start pumping harder.”

The overall cryptocurrency market value is now $2.847 trillion, and Bitcoin’s dominance rate is 43.1%.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Every investment and trading action involves risk, and you should conduct your own research when making a decision.