There’s Reason to Be Positive
Trader, Zeynal Asadullaev, shared his opinion about the mood prevailing in the crypto market. He noted that November was difficult, especially for the first cryptocurrency. The collapse of the FTX exchange provoked panic among many market participants.
“Of course, it will be good for Bitcoin if it breaks through the price of $ 17,000 in December and consolidates for further growth above this price, which in principle can be expected. After that, it is possible to move to an area of $19,000, where there is a serious seller’s block zone. It will be challenging to break through that threshold on the first attempt, and most likely, the correction will be triggered back to the area of $17,000, maybe a little bit lower,” the trader forecasts.
Zeynal believes that technical analysis alone is not enough for prognoses and it is necessary to study the situation in the market in general, including the stock market. The overall situation is quite favorable at the end of November and we can expect a softening of the US Federal Reserve’s monetary policy and fight against inflation in December.
“The only confusing thing is the news coming to us from China, where again, Covid-19 restrictions are beginning to intensify. Cities are closing down completely, protests against these restrictions are starting, and Beijing is building huge quarantine camps for people with signs of “infection.” The development of the situation in China may contribute to the further growth of the markets, putting pressure on BTC as well. Either way, I’m looking for Bitcoin to rise over the next month. Without too much negative news noise, we can reach the following targets: $17,000 min., $19,000 max., and $20,500 bingo. In case of bad news in the background, I expect a correction of $15,600 min., $14,500 max., $13,400 worst case scenario,” shares the expert.
Bears Predict Bitcoin Price Below $10,000
Valery Pavlov, CEO and founder of Vitor Services Agency, believes that the fall in the value of BTC and ETH by 75%, and many altcoins by 90% from their peak values, creates a lot of negativity in the market.
“The impression is that we are at the bottom of the market cycle graph. The mood in the market is depressive, with the “bears” predicting a Bitcoin price below $10,000. I think the next 2-3 months will be a great opportunity for the long-term buying of top coins. For long-term cryptocurrency buying, it is worth waiting for the next maximum moment of pain, such as the LUNA collapse or the FTX bankruptcy. I expect local mini bull runs in 2023, but a major bull run with the achievement of old ATHs and possibly the establishment of new ones, I expect not before 2024,” the expert predicts.
How Is the NFT Market Doing?
“The NFT market lies at the bottom and in the foreseeable future there are no factors that could help it to revive. The global crisis, political instability, and, of course, the “Great Crypto Crash” — with such a news background, not only NFT, even Frankenstein’s monster couldn’t be revived,” shared Philip Knyazev, creator of the FingerX NFT collection.
The expert believes that the non-fungible token market needs something revolutionary and useful. Useless pictures, pyramids, and flippers have left an unpleasant aftertaste among collectors and creators, which needs to be taken away. “The market needs to be cleared of scams, the “leftists” need to return to the factories, and jpegs need to fall into oblivion. We will only be saved by rethinking the values of this technology; the future lies with projects with real benefits and art. NFT will live on; what is happening now is just a purification. We are definitely waiting for a bullish trend, a lot of cool projects, and unlocking the potential of the technology,” sums up the expert.
The CoinsPaid Media editors remind that the information contained in this article is solely the value judgment of the interviewed experts, does not claim to be the truth in the last instance, and should not be considered as investment advice.
