"Hopefully it will go up, I'm afraid the price of BTC will suddenly go down."
Although the cryptocurrency market is currently seeing a decline, digital assets such as Bitcoin (BTC) and Ethereum (ETH) are still showing signs of recovery after suffering a drastic fall last year.
Earlier, the United States (US) government seized more than $215 million worth of BTC from a black market website called Silk Road founded by Ross Ulbricht who is now in prison, but his company was found to be still operating.
The streak, which the US government is likely to sell $1 billion worth of BTC next year could put selling pressure on the price of the digital asset, commented FX Pro senior market analyst Alex Kuptsikevich.
Even so, BTC price has the potential to soar after the release of the US jobs NFP data which is scheduled for May 19, 2023 this week.
This is because a higher increase in employment means that BTC including other digital assets will soar while its price is said to decrease if the situation happens otherwise during NFP.
According to Yuya Hasegawa, a Bit Bank crypto market analyst in Tokyo said BTC price could also retest the $29,000 level if the Federal Reserve (Fed) does not act aggressively in their monetary policy.
However, it should be noted that BTC will be a 'fake-out' when the digital asset only reaches below the $29,000 zone and is called a 'breakout' if it is above that price level.
After plunging as high as $25,871, BTC price is now up 1.56% at $26,848 in the last 24 hours with a market cap of $525 billion but is still down 3.65% over the last week.
