• Bitcoin (BTC) price continued to consolidate around the $29,000 to $29,500 range on Monday.
• Crypto experts analyze Bitcoin’s price action and are divided in their outlook for the future.
• There is uncertainty in the market as daily active addresses decline.
Bitcoin Price Consolidation Continues
Bitcoin (BTC) continues to move around the $29,000-$29,500 range after failing to sustain its support level at $30,000. This has left many crypto derivatives traders uncertain of its short-term prospects.
Daily Active Addresses Declining
On the daily time frame, Bitcoin has seen diminished returns since entering a bear market earlier this year; however it has displayed higher highs and higher lows overall. Despite this, there is increased selling pressure in the market as daily active addresses decline.
Crypto analyst Mark Cullen believes that Bitcoin may experience an upwards squeeze towards recent highs before heading lower in the coming weeks; however he cautions that this could be invalidated if prices fall below $29,300 again. Captain Faibik holds a more optimistic view and expects prices to rise up to $32,500 with a potential broadening formation on the daily time frame – although he also warns that this could be overturned if it drops below certain support levels.
The short-term outlook of Bitcoin remains uncertain despite expert analysis and predictions from traders about where prices may go next. With daily active addresses continuing to fall and no clear direction for prices yet in sight, investors remain wary of further drops or rebounds in value over the next few days or weeks.
The current volatility of Bitcoin leaves many traders uncertain about its short-term price action and future prospects – although expert analysis provides some insight into possible scenarios depending on whether certain resistance or support levels are broken through or not. Ultimately only time will tell how Bitcoin’s value will shift but investors should remain cautious until a clearer picture emerges.