eToro analyst Simon Peters drew attention to the $ 8500 level for Bitcoin, which is trading just above $ 9400 today. “Optimism has spread in both the cryptocurrency markets and the global markets,” said Peters, adding that the second wave of the outbreak will lead to another sale in all markets.
According to the analyst of the popular trading platform eToro, Simon Peters, Bitcoin may experience a tough correction in the coming weeks.
The cryptocurrency, which fell below $ 9100 a few days ago, rose above $ 9500 with a rapid recovery. Bitcoin is bought and sold at $ 9413, when the news goes live.
“The recent withdrawal seen in cryptocurrencies coincides with a similar withdrawal in global stocks. The narrative in the markets seems to have changed somewhat with the concern of the second wave of Kovid-19, which has occurred after reporting an increase in coronavirus cases, especially since several US states reopened their local economies. Optimism broke out in both the cryptocurrency markets and global exchanges, and realism began. If we start to see the second wave in Kovid-19, this will probably lead to another sale in all markets. Investors should be worried if the price drops below $ 8500. ” found the assessment.
While the analyst expects a tough short-term Bitcoin correction, he says this will be the beginning of a new bottom formation that will serve as a platform for a rally in the second half of the year.
“My view is that a new bottom is beginning to form,” Peters says. The foundations continue to be positive for Bitcoin, especially given the recent Fed meeting, ongoing economic incentives and interest rates being close to zero. ” said.