If it's this week then it is hard being optimistic of the market peice behavior for Bitcoin. Charts are bearish and no huge news to uploft the demand and trigger a pullback to $49k or even higher. So if you are one of those who are confused on when to enter, think of a market price that will make you satisfy regardless of the price movement. As we all know, no one has the assurance of when will recovery again take place. At least, if that's your chosen market price, and if you only invested a portion of your overall capital, then nothing will be a problem eitherway the price would go. It is a matter of being preventive; avoiding huge loss than chasing big profit. Its market price could again fall down to $20k if ever demand will decline but if not, $50k and above are possible.
According to data from the Coinglass platform, the current open positions in Bitcoin futures contracts have reached $17.582 billion. CME holds the largest share at $4.769 billion, followed by Binance at $4.151 billion, and Bybit at $3.199 billion. The substantial open interest across these platforms suggests significant market activity. So will Bitcoin rebound this week?
Bitcoin price can be unpredictable because it can be influenced by many economic factors. And most of these economic factors are also very difficult to predict. I never expected the price of Bitcoin to drop to this extent after the approval of the Spot Bitcoin ETF by the SEC. I was expecting the price to move to at least $50k but the reverse is the case now. I think the price will not recover this week and I also suspect that the price might keep depreciating until after the Bitcoin halving. As I earlier stated the price is unpredictable so a positive global economic outlook might make the price appreciate.
Can be? It will always be unpredictable since its market value is dependent solely with demand. Well indeed it is correct that demand is highly affected by several factors. I still believe that its market price is bullish and what we are seeing right now is just a price correction given that its market price had a continuous but huge price uplift. The market may recover in no time but for now wait for clearer signs of recovery and always check in between different time frames in particular with volumes.