What do analysts think about the price of bitcoin?

We will tell you why BTC fell and what bitcoin forecast is given by members of the crypto community amid a decline in cryptocurrency.

What happened

On the evening of May 10, 2023, bitcoin fell by more than 5%, dropping to $26,883. After that, the cryptocurrency corrected and, having not reached the previous levels, continued to move sideways.

Bitcoin fell on the background rumors about the fact that the US government began to sell off its stocks of cryptocurrency. Information not confirmed and BTC went into a correction.

Recall that in early April 2023, the US authorities reported about plans to sell over 40,000 BTC by the end of the year. The sale of such a large amount of cryptocurrency can negatively affect its course. For example, the authors of the WhaleWire Twitter channel considerthat in this case the market can see bitcoin at $10 thousand. Therefore, members of the crypto community are sensitive to information about the movements of the US authorities’ crypto wallet.

It is noteworthy that unconfirmed rumors about the sell-off of bitcoins by US regulators are not the first time bitcoin has been dropped. A similar situation occurred at the end of April 2023.

Bitcoin Forecast

Analyst Michael van de Poppe thinksthat BTC is now under pressure from sellers. His bitcoin forecast does not rule out a further decline.

Trader @DaanCrypto, in turn, does not considerthat BTC will continue to fall. His bitcoin rate forecast, based on technical analysis signals, indicates the possibility of a further recovery of the cryptocurrency. Similar opinion shared trader @davthewave. His bitcoin forecast does not rule out further growth.

Analyst Inmortal, in turn, offered focus on the long term. In his opinion, if you do not get distracted by such fluctuations, BTC has every chance of continuing the flat trend. Earlier, the analyst identified three possible scenarios for the movement of bitcoin this year.

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