Does Bitcoin Need to Stay Above $28,000? Bull Market Approaching?

Deutsche Bank Research senior analyst, Marion Laboure, explained why she believes the value of Bitcoin (BTC) will rise, as the consolidation period continues for the flagship cryptocurrency, currently sitting at $28,793, according to Bitpush Terminal data. Here are the last seven days for Bitcoin. 

On Friday, Laboure sat down with CNBC to give her take on cryptocurrency price-behavior when the demand exceeds the supply, as regulations from the feds loom. While she did mention some more recent crypto events, she spoke about the benefits of BTC at large, and what she expects for it in the future. 

“In the case of Bitcoin, we have a limited supply; over 90% of Bitcoin are already in circulation and when you have a fixed supply with increasing demand the prices tended to rise as we have seen last year,” Laboure said. “Another factor that we can look at is regulation. So regulation is coming, so we might have a broader crypto adoption looking ahead.”

She concluded her conversation saying that she expects Bitcoin’s price to fluctuate based on the people’s perceptions of the coin. If they feel like it would be a great technology and asset in the current financial system, it will rise. If the people feel there isn’t really a benefit to having that type of technology, it will drop. 

PlanC furthered Laboure’s Bitcoin ideas tweeting, “Everything is bullish on Bitcoin, except for price.”

Bitcoin is currently in the midst of a two week consolidation period that has seen the cryptocurrency’s price stay between $28,200 and $31,200. While breakouts have been predicted in both directions, it continues to fluctuate between those two numbers. Here is a look at Bitcoin’s chart for the last month, with the consolidation period taking place in the latter half. 

On one hand we have Edul Patel, co-founder and CEO of Mudrex, suggesting that if Bitcoin drops to below the $28,000 number, it will shoot down to $24,000. Michaël van de Poppe, a Cointelegraph contributor, said on his Youtube channel that if Bitcoin drops under $26,000 it will further cascade down. 

In addition, Bob Loukas, founder of the Financial Tap, shared this sentiment on Twitter saying, “$BTC - Weak and not a good look there, no urgency, with that primary trend lower. Should have seen at least a rally early in the cycle, coming off some capitulation. Stay safe.” 

On the other hand, we have other Twitter pundits weighing in on the Bitcoin debate and suggesting a much different tale to the story. MMCrypto believes that Bitcoin is almost ready to launch into a bull market, with his pinned tweet saying that May 24 marked the first day of the bull market. 

He also said that he does not expect Bitcoin to go below $20,000 ever again. 

Furthermore, MMCrypto, another Bitcoin Twitter pundit expects June to be a month of tremendous growth for Bitcoin. He tweeted, “JUNE WILL BE NEON GREEN.” 

Lastly, on Wednesday, multinational investment bank, JP Morgan, announced that they expect Bitcoin to rise and that a fair price for Bitcoin is $38,000, which is 28% higher than its current level, according to a note that was sent to clients. 

At the moment, all we can do is wait to see which group is correct in their Bitcoin predictions and assessments.

Author: Tyler Irvin

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