Bitcoin Potentially Rises to $60,000, but Volatility Still Lasts into October!

Bittime - Markus Thielen, founder of 10x Research, predicts that Bitcoin (BTC) may reach a price of $60,000 in the near future, although this increase is predicted to be temporary before prices fall back to the $50,000 range.  

Potential Bitcoin Price Increase

According to Thielen, Bitcoin is in a strong recovery phase after experiencing a significant decline last week, with BTC prices rising nearly 3% to around $58,000 last Tuesday. He noting that from a technical analysis perspective, the $55,000-$56,000 range is forming a strong bottom. 

However, Thielen cautioned that this increase is likely to be temporary. He adding that Bitcoin will likely rally back to nearly $60,000 before experiencing another decline to the low $50,000 range.

Tren Bitcoin Seasonality

Technical analysis aside, seasonal trends don't help Bitcoin either. Vetle Lunde, analyst at K33 Research, noted that the third quarter historically offers the weakest returns for Bitcoin. 

This weak seasonal trend coincides with the sale of confiscated assets by the German state of Saxony and the distribution of the Mt. The ongoing Gox, which adds pressure to the price of Bitcoin.

According to K33 Research estimates, the market will face sales of 75,000 to 118,000 BTC by customers of Mt. Gox and the government of Saxony all this summer. This amounts to a value of around $4.3 billion to $6.8 billion at current prices.  

Volatility Continues Through October

The predicted price increase of up to $60,000 could be an opportunity for short-term investors to take profits. 

However, with pressure from the sale of confiscated assets and distribution of refunds, volatility is expected to last until October,

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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

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