Bitcoin Price Flips Around $27K, Breaks the Bearish Move

Bitcoin showed a bit of relief on Monday after BTC gained upward traction due to bullish pressure. Amid this surge, a new survey from Bloomberg says that investors are more inclined towards investing in safe securities like Gold, Treasuries and Bitcoin. 

During the debt limit situation, investors are more likely to invest in gold, treasuries, and Bitcoin than in conventional haven currencies such as the US dollar, Japanese yen, and Swiss franc, according to the Bloomberg MLIV Pulse poll conducted between May 8 and 12.

Furthermore, Bitcoin is seen as one of the most popular safe havens, alongside gold and treasuries, as the United States confronts a debt limit problem that may be disastrous for the global financial system.

Bloomberg Survey Reflects Bitcoin to $35K Soon 

According to Bloomberg's latest MLIV Pulse poll, professional and retail investors prefer Bitcoin over the US dollar, Yen, and Swiss franc amid the prospect of a US debt ceiling default. The price of Bitcoin (BTC) is expected to rise over $35,000 as more investors pump money into it.

Bitcoin is becoming more popular as a safe haven investment, with 7.8% of professional investors and 11.3% of regular investors preferring to invest in Bitcoin. However, 51.7% of professional investors and 45.7% of retail investors are willing to purchase gold, whereas 14% of professional investors and 15.1% of retail investors are willing to purchase government bonds.

Source: Bloomberg

Experts say the possibility of US debt default is higher than it was in 2011, thus jeopardising the US dollar's standing as the key global reserve currency. 

In a counterintuitive scenario, Cezary Graf, a well-known finance expert, has issued a bearish forecast for the Bitcoin price. According to him, BTC might crash to disastrous levels.

Graf predicted that Bitcoin prices will fall to $3 on May 11. This crazy forecast was predicated on the effect of Tether and Binance on Bitcoin markets.  

A collapse of Tether, Binance, or both, according to the financial counsellor, may send Bitcoin values tumbling to levels not seen in a decade:

“Without Tether and Binance, the current 27,000 USDT per BTC will turn into $2.7 per BTC. Then crypto can be financially attractive again. Better to lose an opportunity than money. Better to wait.”

Bitcoin Price Analysis

Bitcoin (BTC) is currently trading at $27,407.33, with a 24-hour trading volume of $11,198,378,149. This reflects a 2.02% increase in the previous 24 hours and a -2.22% decrease in the last seven days. Bitcoin has a market valuation of $530,987,277,071 and a circulating supply of 19 million BTC.

On a daily basis, the price has been decreasing since being rejected from the $30K resistance level in April, and it has also broken below the 50-day moving average, which is placed near the $29K mark. 

According to the recent candlestick patterns, a positive pullback to the broken moving average is possible. However, the price might still fall towards the $25K static support level before rising again.

Source: TradingView

Conclusion

In conclusion, Bitcoin has been experiencing an uptrend due to positive market sentiment. The overall, technical indicators are pointing towards a further bullish stance which could take the prices above the $28K.