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Arcane Research: Bitcoin Price Targets $27,000

If Bitcoin holds the $20,700 level, the price will soon be in the $27,000-$28,000 range, according to the latest report from Arcane Research.

According to analysts, a series of increasing local minima has been forming since July.

Data: Arcane Research.

The uptrend encountered resistance at $24,000. After that, there was a correction to the levels below $23,000.

“If bitcoin falls below $20,700, it will mark a lower low. This is a bearish signal in the context of technical analysis,” the experts emphasized.

If bitcoin remains above the above level, the price will fix another rising local minimum. This will open up the potential to continue moving towards the $27,000-$28,000 range, Arcane Research is confident.

The company emphasized that a lot depends on the dynamics of the US stock market, with which the price of bitcoin is quite closely correlated. The dynamics of the key rate also play an important role. Fed.

“Rising interest rates increase the cost of capital and thus cause share prices to fall. Tech stocks are declining the most. As the degree of institutionalization increased, bitcoin became closely associated with traditional financial markets,” the researchers explained.

According to them, if the stock market continues to fall, the downtrend of digital gold will continue.

Previously, ForkLog reported on a likely short-term Bitcoin correction based on data from the AASI on-chain indicator.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analytics.

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About author

Oxford graduate with honors. He worked in large financial projects for well-known Wall Street corporations. After he earned his first capital and a reputation as a successful trader, he opened his own company. At the moment, the growth of the company's capital is 20% per year.
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