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Head of research at Arcane Crypto, Bendik Norheim Schei, believes that the present Bitcoin correction will be short-lived.
However, in a fresh report shared by the Santiment data aggregator, the analysts say that Bitcoin may reverse and head to the $24,000.
But, if it manages to hold above the $32,000 line, odds are that it will continue to go higher.
Is it time for #Bitcoin to provide a welcome relief bounce to patient #hodlers? Our latest insight covers the uptick in hopeful speculators that emerged following Elon Musk, Jack Dorsey, & Cathie Wood speaking about $BTC, & analysis of many key metrics. https://t.co/RvFgaugCjY pic.twitter.com/ZOe5gVZHyz
— Santiment (@santimentfeed) July 22, 2021
“Holding at $32,000 is crucial for further BTC growth”
According to the data provided by Santiment, the current $32,000 level is very important to hold for Bitcoin bulls, since if BTC breaks below it, it will open a road to $24,000-$20,000. But if BTC manages to hold this area, it will get a chance to break higher.
“So far BTC is still hovering above $32,000 and avoiding the goblin territory. As long as it does so, we might just have a chance to push upwards with the next stop: Breaking that resistance trend line in the $33,000s.”
As per the Santiment tweet, the B-Word online conference, in which ARK CEO Cathie Wood, Elon Musk and Jack Dorsey participated, a lot of traders have emerged that hope Bitcoin will be moving upward after several Musk’s statements.
“From the looks of it, speculators are being hopeful at the moment.”
He said that he personally owns Bitcoin (as well as Ethereum and Dogecoin), he confirmed that Tesla and SpaceX own BTC as well and that none are going to sell their Bitcoin.
What they also discussed was how much greener the Bitcoin mining network has become since May and Musk assumed that Tesla would likely resume accepting the largest cryptocurrency as payment for its e-cars in the near future.
Still, Santiment seems to believe that chances for further Bitcoin rise are small – the funding rates remain negative, since traders are shorting this Bitcoin rise, daily amount of BTC addresses keeps going down, the Bitcoin supply on exchanges suddenly spiked after a major fall recently.
This correction will be short-lived: Arcane head of research
However, the chief of research at Arcane Crypto, Bendik Norheim Schei, reckons that the current Bitcoin price set back will not last long and the correction is going to be short-lived.
The main reason for this, as per his tweet is large amounts of money flowing into the crypto industry and Bitcoin in particular.
This correction is unsustainable. #bitcoin
Too much money flowing into this industry.
Will be short-lived.
— Bendik Norheim Schei (@bendikschei) July 22, 2021
Bitcoin rises from $29,500 beyond $32,000
On July 21, the flagship digital currency, Bitcoin, suddenly reversed its fall, holding in the $29,500 area and moved back above the $30,000 level.
Later on the same day, the largest cryptocurrency by market cap printed a spike by another 5 percent, rising to the $32,300 zone.
Dogecoin surged along with BTC, adding over 18 percent as the market anticipated what Elon Musk would tell Bitcoin maxi Jack Dorsey at the B-Word conference.