We’ve compiled some of the highlights of recent days, from popular Twitter analysts Justin Bennett and Van de Poppe to market strategist Gareth Soloway, who expects $3,500 in Bitcoin price.
Benjamin Cowan warns of new bottoms as Bitcoin calms down
According to Cowan, we should not overlook another correction as we approach the bottoms of a new bear market. The prominent Youtube analyst suggested in a new image that BTC could capitulate if the one-year ROI continues to decline. The cryptocurrency analyst claims that if BTC enters the mid-$13,000 to $14,000 price range, it could be headed for a capitulation event.
According to Cowan’s thesis, Bitcoin tends to form a bear market floor when the one-year ROI metric reaches 0.2. If BTC investors capitulate, we will see an unexpected drop and a subsequent one, according to Cowen. Analyst sums up his expectations in a new image:
If we see some kind of capitulation, we’ll see some kind of strong rally after that because all things considered, that would be a typical base for Bitcoin. You go down about 70% for months and months and you finally see the final surrender. This would be your typical bear market base for Bitcoin.
Edward Moya says the latest rally of Bitcoin and classical markets will be short-lived
In a recent note, the senior market analyst summarized Nasdaq futures’ gains of 1.3% and S&P 500 futures’ gains of 0.8%, saying “stocks rose on strong interests and mixed economic data pointing to a slowing economy.” Regarding Bitcoin, which is highly correlated with these markets, Moya:
Bitcoin was running to almost $20,000, but many investors remained skeptical that this week’s risk rally would be short-lived.
Moya also took the new cryptocurrencies into consideration, in an analysis:
Crypto is locked in consolidation mode and will continue until investors are convinced of the risks the Fed tightens and plunges the economy into a major recession.
Michaël van de Poppe draws attention to volatile markets
The Twitter analyst pointed to volatile markets in his analysis on Tuesday. “Everything we gained yesterday, we lost today,” she wrote on Twitter. In another tweet, Poppe added that the economics is “weakening”. As a supplement to his thesis, he pointed to the slowdown in the production of companies and Apple’s cutting of iPhone 14 Plus production.
Bitcoin deals with $19,370
Justin Bennett says Bitcoin is “struggling” to stay above the $19,370 reinforcement level. The analyst also noted that he looked “relatively weak” during this time:
Most will try to offer $19k, but I think we’ll go a little lower. There seems to be some unfinished business under $19k. Let’s see.
Elsewhere, a CryptoQuant analyst said that “there is the possibility of a final collapse in the bear market” in a note pointing to the current descending triangle pattern on the Bitcoin Spent Output Age Bands chart. The pattern was described by the analyst on the community-focused platform as similar to the last bear market crash in 2018.
The analyst noted that the movement of long-term investors has decreased and price volatility is very low.
“Bitcoin may drop to $3,500”
This claim pertains to InTheMoneyStocks.com Chief Market Strategist Gareth Soloway. The technical analyst predicts that Bitcoin, which is currently trading under $ 20,000, will fall to $ 3,500:
The first reinforcement is 12 thousand – 13 thousand dollars. And then I’m worried that under $10,000 you’re going to go to $8,000, and in the worst case scenario you’d probably go to $3.5k.
The analyst also emphasizes that a calm is approaching and the stock markets will go bad:
The problem is that the money consumers save will run out by the middle of next year. When they run out of money and the Fed has just started to act, there will be a gulf for the economy.
The $15,000 region represents more idealist bases.
Cubic Analytics senior market analyst Caleb Franzen gave an idea of what level to pull back to if there is another pullback, posting the following tweet that predicts a possible drop to the $15,300-15,900 region.
The analyst wrote in a tweet that provides a reading of how likely Franzen expects such a decline to occur:
I can place a new limit order at $18.2k. Whatever the cost, every time I tweet about placing a limit order for BTC, it expires in a week.
Koindeks.comAs you follow, BTC is currently trading at $19,200.