The price of the leading cryptocurrency Bitcoin (BTC) fell to $ 15,580 during the FTX crisis. As a result, some analysts expect a quick recovery from these limits. However, the number of those who expect the opposite is quite high. Over the past month, analysts have debated whether the market is suitable for trading. As Kriptokoin.com, we convey the comments of crypto money analysts to you.
Bitcoin suffered its worst drop of the year last week
BTC price has dropped dramatically to its lowest level in two years. Notably, the BTC price avoided a further dip. However, analysts cannot say for sure whether the bad times are over yet. Bitcoin is currently trading at $16,777. In the last 24 hours, it has decreased by 1%. However, BTC price is still down 9.6 percent on the weekly charts.
BTC price continues to trade between $16,000 and $17,000. During this time, crypto analysts are questioning when the Bitcoin price will rise again.
Analysts expect a rise in BTC
The analyst, known as OnChainCollege, recently told his 52,800 followers that the bottom point of the Bitcoin price has almost come. Looking at the supply of Bitcoin, he said, if you remove Bitcoin that has not moved for more than 10 years, the percentage of supply of the gain reaches its recent ATH. However, the analyst states that 32.73 percent of the supply is in profit, lower than any previous bear market.
If you remove #Bitcoin that hasn't moved in 10+ years, the percent of the supply in profit has recently reached all-time lows.
32.73% of the supply is sitting in profit, lower than all prior bear markets.
If bottoms occur during max pain, we are certainly there/close to it. pic.twitter.com/iSLVz6UgJs
— On-Chain College (@OnChainCollege) November 14, 2022
According to this metric, the analyst predicts that the BTC price will be close to it as the bottom forms during the maximum drop.
Thornton states that the bottom for BTC is near
Another analyst, Tommy Thornton, explained in a tweet that there are still large liquidation risks. But despite all this, he said that BTC seems to be near the bottom.
I'm not a Bitcoin bull or proponent just highlighting this new signal. Still massive counterparty and liquidation risks. pic.twitter.com/PrMu7u4XOb
— Thomas Thornton (@TommyThornton) November 10, 2022
The analyst, known as Checkmate, predicts an increase for Bitcoin. In his post on his Twitter account, he said that BTC dominance is at 59 percent and still continues to rise. Therefore, he added that he expects a reasonable long-term price increase.
Reality check.#Bitcoin dominance calc from market cap is bollocks. last traded price * supply is bogus
Realized cap values tokens at the price moved on-chain, filtering out founder coins, scams etc.
BTC Dominance🔴59% and rising, at multi-year highs (last was Dec 2017) https://t.co/ZcEVXg0MrR pic.twitter.com/R9kxd42sVy
— _Checkɱate 🔑⚡🦬🌋☢️🛢️ (@_Checkmatey_) November 15, 2022
Some analysts expect a relatively bullish trend for BTC, but note some declines.
Analysts waiting for a drop in Bitcoin price
Crypto analyst Will Clemente told his followers on his Twitter account that there may be more trouble in the market. Clemente made a post showing the psychology of the market. According to the analyst, he said that if things go like this this year, he has the feeling that the era will end.
“Who shorted the market? Why did the government allow this to happen?” pic.twitter.com/ffDhJJrCHU
— Will Clemente (@WClementeIII) November 15, 2022
According to Clemente, trading in BTC can only lead to more negative market returns.
Crypto analyst draws attention to Bitcoin miners
CryptoQuant, known as Abramchart, underlined that miners still have a negative outlook. The analyst points out that miners make sales in every bullish period. On November 15, there was a net flow of Bitcoin from miners after Bitcoin corrected to $16,900.
Looking at this situation, it is seen that miners have a negative outlook in the short term. In general, movements of BTC miners continue to shape the chart.
Because of his brutal diagnoses and predictions, “Dr. Successful economist Nouriel Roubini, nicknamed “Doom”, stated in an interview that the S&P 500 fell at least 30 percent during a recession. According to the analyst, the score may drop below 3,400 due to this pattern. Roubini also announced that a serious economic downturn will cause the S&P 500 to go even lower. After that, he mentioned that it could regress to about 2,700 points.
It also cites worldwide rate increases and political instability as reasons for its bearish outlook. Despite this, more investors are choosing to return by investing in gold.
Soloway: next 6 months will be tough
Gareth Soloway, an experienced trader, informed his followers on his Youtube channel called Crypt. According to the analyst, Bitcoin continues its further downward movement. He said that before Gareth Soloway made any upward move, the price was down. It also shows a chart where it says BTC is currently in a bearish channel.
Gareth touched on FTX in his talk. When he looks at FTX, he says it’s the Lehman Brothers thing that pops up. He claims the S&P 500 isn’t bottoming out, but is creating a dip in the market hitting 2009 lows over the next six months. However, the analyst claimed that there will be a big drop around April or May 2023.
According to the analyst, if Bitcoin has to drop, it will see a 50 percent drop from the $18,500 range. It also claims that the next fix will be much bigger. This seems clear with what’s going on in the market right now, along with the Fed and FTX. The analyst says:
This is the last drop and I think it will bottom out in the next 5 to 6 months.
On the other hand, Gareth claims that we are currently in the first stage of the economy, where the recession has not yet occurred. But he believes the second phase will be much worse. During this time, it is likely that Bitcoin will reverse and attract more investors.
