The past week has caused serious losses for the crypto money market. The liquidity crisis experienced in FTX, cryptocurrencies, especially Bitcoin, experienced decreases. Popular analyst Nicholas Merten made a prediction regarding Bitcoin (BTC) and FTX-related entities. As Kriptokoin.com, we are giving you the comments of 3 analysts for BTC.
Merten draws attention to how the FTX crisis is affecting the Bitcoin price
Merten explained to his 512 thousand subscribers on his YouTube channel that Bitcoin remained below the 200-week moving average (MA). Another drop is likely as it shows obvious weakness from holding below the 200 MA. The analyst sets a price target of around $13,600 for a possible Bitcoin bear market bottom:
We are well below the 200-week moving average (MA). This is obviously a first in Bitcoin history. On top of that, we only take a look at the percentage decline. When we look at it, we see that we have reached approximately 77.6%. Definitely, we seem to be getting closer to the 80 percent target that I think most of us would agree with. It’s probably more in line with the price we should expect. However, it is important to take a step back over and over again. So another reminder, we see that the additional 3 or 4 percent for Bitcoin requires a lot of effort. This will take BTC well below the $14,000 target, to around $13,600.
However, the analyst states that everyone has different opinions on this issue. According to Merten, it is necessary to be a little more cautious. He says that those who really want to buy during the decline period should follow carefully. According to the analyst, it is likely to see $ 10 thousand as a result of an annual decline of 82 percent and 84 percent in BTC price.
Points out FTX’s bankruptcy
The analyst pointed to the effects of the collapse of Celsius, Voyager and the recently bankrupt crypto exchange FTX. According to Merten, prices will likely remain in consolidation for at least a year, or even two more. The analyst says the following about the cryptocurrency markets:
I know many people want to buy flash dip here. But as you can see, price action will take a long time. However, even if this price is almost at the bottom. This will definitely take a long time. There will be consolidation before things get better. Trust me on this one, the whole situation in FTX is a mess. This incident is an embarrassment to the industry. Believe me, I don’t have the guts to say this, but it will set the industry back. Also, everything with Celsius and Voyager, with all the big players out there, will leave this industry behind for another plus year. You can bet on it.
Popular investor Pizzino says that the price of Bitcoin will not be lower than $ 10 thousand
The popular crypto expert and investor states that it is unlikely that the price of Bitcoin (BTC) will drop to $ 10 thousand. Jason Pizzino told his subscribers in his latest video that Bitcoin bulls will most likely advocate a high timeframe support level. He explained that this situation will prevent the BTC price from falling to 10 thousand dollars:
I’ve been saying for a while. There’s a very reasonable chance in IT that we won’t see $10,000 in the futures market. For the low price cycle so far, we have a figure of $14,900 in the spot market. However, depending on which exchange you are on, we can say that it is around $ 15,500.
According to Pizzino, if the BTC price rises, it is likely to quickly wipe out the losses since the FTX crash. Pizzino says:
If we break above $18,500 to $18,600, it will be a very strong sign for a big upside. Then over the course of November, maybe we’ll try to save a few more levels. Take those losses and return $20,000. Frankly, this does not mean that we cannot go above $ 18,500. It doesn’t mean we won’t make a higher bottom in weeks, either. It will take some time. In this case, there is a strong sign that we will probably come back and test higher prices.
Can BTC drop to 13,500 again?
However, the analyst says that if Bitcoin price weakens, it could close below $17,500. He also states that the price may drop to a lower support level as a result:
Should we continue the decline in November? Then may come prices that coincide with former cycle peaks prior to the period in 2019. It dropped to about $13,500 at that time.
Tone Vays has a high forecast for Bitcoin
Cryptocurrency analyst and investor Tone Vays commented on FTX and its founder, Sam Bankman-Fried. He details the long-term bullish situation for Bitcoin (BTC) after hitting year lows. Vays announced to his 123 thousand subscribers that the price of Bitcoin will rise even if it drops to $ 11 thousand. According to the analyst, Bitcoin is likely to reach $100,000 with a new ATH next year.
We can have a capitulation of up to $11,000. As a result, we can reach $100,000 again next year. Because many BTC are about to be kept in cold wallets because people can buy it cheaply.
Vays believes BTC is bottoming out if it closes above the $18,500 support level this week:
If we close the week above $18,500, I’ll be somewhat sure that the low could be inside. Right now, it looks very, very promising.
Looking at the investor chart, funding rates are extremely negative.
