The price tags in the world of cryptocurrencies each carry their own significance, and analysts update their predictions according to these changes. The views of three analysts on Bitcoin have been presented, and the report of the European Central Bank (ECB) on cryptocurrencies has been briefly mentioned.
While emphasizing that each Bitcoin cycle is unique, analyst Mags has noted a similarity between 2016 and 2023 cycles, predicting a parabolic increase for Bitcoin in this cycle.
Analyst Crypto4Everybody has focused on the liquidity amount following the $40,000 level of Bitcoin. The analyst has stated that the next bullish target is significant at the $44,240 level. Michaël van de Poppe has mentioned that if Bitcoin surpasses the $40,000 level, there is a chance for an upward movement, but has also pointed out that there might be a short-term peak as the Spot Bitcoin ETF approaches. The analyst’s identified levels are between $48,000 and $50,000, and the downward prediction is between $25,000 and $38,000.
The study by the ECB sheds light on the role of cryptocurrencies in areas where there is no access to traditional financial systems. The research suggests that cryptocurrencies serve as speculative alternatives in developing markets with a young population. The depreciation of national currencies has led to an increase in Bitcoin transactions, and the study also indicates a potential increase in the use of stablecoins as a financial alternative for individuals and businesses in situations where traditional options are not available.