The start of the new week greeted some coins in red and others in green. Amid mixed market signals, Bitcoin (BTC) price is trading sideways. Let’s take a quick look at what levels analysts expect for the coming weeks.
Nicholas Merten warns of a new Bitcoin correction
The popular crypto analyst said in his latest Youtube video that the Bitcoin price is most likely poised for another crash to new bear market lows. Merten states that the current bear market does not last as long as previous cycles. He also warns that the BTC price has not dropped that much. The analyst said that Bitcoin bear markets have become less severe over time. He says that this trend is still immature enough for BTC to recover with a 74% correction.
Merten thinks we’ll say the bull market ends in April of 2021. He says this will theoretically bring the end of the bear market a little closer in the future. However, the analyst adds that the bear market took the position that it started in November, when both BTC and the stock market made their final peaks. Merten predicts that he will take another step into the Bitcoin bear market, which brings BTC closer to the $13,000 level.
Are sales on the way?
On the same issue, Willy Woo said that the market structure today is very different from what it was in the past. The expert claims that in light of the fact that a large number of hedge funds have entered the market in the last two years, we have not yet witnessed significant sales.
This is one way of visualising maximum pain. pic.twitter.com/H2F8A96uuM
— Willy Woo (@woonomic) October 3, 2022
However, Bitcoin’s price is still gathering strength as it trades in a wide range. At the same time, it is strengthening at $19,000 despite buyers’ attempts to seize the initiative. According to Woo, if the trend continues until mid-October, we can expect another upward move.
Why could Bitcoin easily make its way to $25,000?
Another popular Youtube analyst explained how Bitcoin could “easily” reach $25,000 this month based on historical returns. The anonymous host of the InvestAnswers YouTube channel said that October has historically been a bullish month for BTC. This means that Bitcoin will rise in the next four weeks, according to the analyst. According to his predictions, BTC price will target the $25,000 to $260,000 region in this process.
During the video, the analyst said that the average return for October was 28.32%. He added that this would push the BTC price to $25,000 and beyond. BTC was last traded at these levels in August of this year. Compared to other months, the anonymous analyst notes that October typically sees the third-highest average monthly returns after April and November. Notably, the worst month for BTC has historically been September.
Some analysts are even more optimistic about Bitcoin
Earlier, a former hedge fund manager predicted that BTC would trade at $12.5 million within a decade following the collapse of the US dollar. In an interview with Altcoin Daily, Robert Breedlove, CEO and founder of cryptocurrency investment firm Parallax Digital, said that the BTC price will particularly explode by 2031. The analyst, however, sees the US dollar “overinflating to zero” at the time. cryptocoin.com As you follow, BTC is currently trading above $20,000. It has remained above this level for the first time since September 13.
