Digital currency analyst and trader Filbfilb predicts a rise in the price of bitcoin following the initial public offering of Coin Base, which will take place on April 14 this year.
to the Report Quinn Telegraph, the analyst believes that the behavior of bitcoin in the $ 60,000 range will be similar to the behavior at the time of $ 20,000. According to Philp Philip, bitcoin prices will initially fluctuate after the initial public offering of CoinBase, making conditions difficult for cows; But the price of this digital currency will eventually increase dramatically.
Read more: The shares of Coin Base, the largest digital currency exchange in the United States, will be public in ten days
Although the price of Bitcoin will fluctuate temporarily in April, traders and hoodlers of this digital currency can hope to increase its price. Philipp Philipp, who co-founded the educational website DecenTrader In its latest forecast released on Friday, it also announced an uptrend in the market and an increase in the price of bitcoin.
The possibility of a sharp rise in the price of bitcoin
Bitcoin recently survived a sudden drop in price earlier this week, and last night (Friday, April 2) it managed to reach the price of $ 60,000. However, the weekly growth rate of bitcoin prices remains at 13% and there are many reasons for this upward trend to continue in the short term. Philip Philip describes the current state of bitcoin as follows:
Despite the good week we have had, it is very difficult not to hope for a rise in the price of bitcoin. Of course, I do not think that this upward trend will continue with the same intensity; But I believe we are on the verge of a dramatic price increase.
A comparison that is not without merit is the matching of the Bitcoin price behavior pattern with the current time when the price of this digital currency was in the resistance range of $ 20,000. Bitcoin also experienced a price jump at this time, and then experienced short-term fluctuations and corrections. The same is likely to happen for the $ 60,000 bitcoin resistance.
Philip Philip says about this:
A few weeks ago, I published an analysis that showed that the current situation is similar to when Bitcoin was in the $ 20,000 price range. At the time, the price of bitcoin was experiencing a record low after a temporary correction. Since then, Bitcoin has followed almost the same pattern, and now a similar thing awaits.
Two important events await the Bitcoin market
Do not forget that the upcoming event will have its own challenges. The CoinBase Exchange, which is now fully ready for its initial public offering on April 14, may inadvertently cause a temporary drop in the price of Bitcoin.
The initial public offering will often increase sales pressure at first; A similar thing happened with London-based food distribution company Deliveroo. According to Philip Philip:
The initial public offering of CoinBase causes a temporary increase in fluctuations in the Bitcoin market, and users should closely monitor price changes, especially from this date until the expiration of options contracts (which occur at the end of the month).
The monthly expiration of option contracts in exchange offices is itself a factor influencing price changes. As we saw at the end of last month (March), the closing of the contracts transferred about $ 6 billion in capital to the market; However, this did not ultimately affect the overall performance of Bitcoin.
Similarly, well-known statistical analyst Willy Woo predicts a rise in the price of bitcoin.
He cites data from Glassnode, an in-house analytics firm, to substantiate his claim. According to the company’s statistics, the price of bitcoin will go through a period of increase before the old hoodlers start selling their assets in order to make more profit.
Regardless of the initial public offering of Coin Base and its impact on the price of Bitcoin, Wu believes that the price of this digital currency will by no means fall below $ 46,400. According to Wu:
I think $ 46,400 is a price we might not see again in the current bullish market.