According to analysts, the cryptocurrency market has started a new week with very high volatility. Therefore, experts warn investors that the coming weeks are very critical for Bitcoin. So what price levels should traders expect for BTC? Here are the latest price predictions from analysts…
6 analysts shared their Bitcoin price predictions
“It is possible for BTC price to drop by 40%”
Nicknamed cryptocurrency analyst Cantering Clark warned his 146,700 Twitter followers of the S&P 500 (SPX) bearish line. According to him, if the bearish line continues, Bitcoin will witness a drop of around 40% from current levels. Clark says investors should follow the 3200-3400 point band on the S&P 500 chart. The analyst underlines that the drop to the mentioned points will trigger a drop to $12,000 to $13,000 in BTC. The S&P 500, meanwhile, was at 3,585 points on Friday.
However, Cantering Clark does not ignore the short-term bullish possibility for BTC. According to him, it is possible for Bitcoin bulls to reclaim the $20,000 price area in the short term. If the bulls manage to reclaim this level, some confidence will emerge among investors. At this point, Cantering Clark states that the BTC price may gain some upward momentum.
“If the bulls reclaim $20,000, the uptrend will be paved”
Another pseudonymous cryptocurrency analyst, Jack Cantering, shares Clark’s views. Jack underlines the importance of Bitcoin price breaking above $20,000. According to him, if BTC retakes this level, it will likely gain a bullish momentum. At the time of writing, BTC is trading at $19,200, up 0.34 in the last 24 hours.
“Stock movements will be critical to Bitcoin price”
Forex trader and crypto analyst Alessio Rastani warns investors against traditional exchanges. According to him, stock market movements in the next few weeks will be very critical for Bitcoin. These moves will determine a short-term recession or a long-term recession. For the October-December 2022 period, the analyst expects to see the S&P rally. “If this S&P rally fails and falls again, it will likely signal a long-term recession and something very close to 2008,” Rastani said recently.
According to the analyst, such a recession will continue until 2024. Also, it will be extremely negative for Bitcoin (BTC) price. Talking about the latest sterling crisis, Rastani stated that the main reason for this was the rise of the US dollar. cryptocoin.com As we reported, the dollar is putting pressure on most currencies, including the yen and the euro. Meanwhile, Rastani also states that he thinks the peak for the US dollar is approaching.
“Get ready for a choppy week”
OANDA senior market analyst Craig Erlam said it’s been a volatile week for Bitcoin. “Perhaps we see some shy of the early summer lows around $17,500,” Erlam said. However, this will largely depend on the risk appetite not falling once again. Meanwhile, there is still a chance that this risk appetite will not fall again. “I continue to use the word flexibility when discussing BTC,” he said.
“Wait for these developments for Bitcoin”
Popular cryptocurrency analyst Michael van de Poppe made a new post on Twitter. Poppe said markets closed “terribly last week”. He then warned investors that the new week would be “very volatile”. However, the trader stated that he will monitor the correlation between Bitcoin and indices and the developments of the new week. The ISM report, which will reveal the performance of OPEC countries, will be published on Monday.
The coming week will be very volatile, as markets closed terribly last week.
Personally mostly watching ISM tomorrow, job openings & OPEC meetings.
Also watching the correlation between #Bitcoin & indices. Last week indicated more strength in #crypto.
— Michaël van de Poppe (@CryptoMichNL) October 2, 2022
“Even the most loyal investors sell their BTC”
CryptoQuant tweeted about “loyal long-term hodlers” selling Bitcoin. In a tweet, CryptoQuant analyst Edris said that “even the most loyal investors surrender in the final stages of the bear market. According to the data of the platform, even investors who have been holding BTC for a very long time are selling their assets with great loss. The analytics platform examined BTC wallets between 6-18 months to obtain this data. Accordingly, many BTC purchased at prices above $ 30,000 between April 2021 and April 2022 are last sold.
“Price can drop to $13,000”
Bitcoin price has been trading in a descending parallel channel for a long time. Therefore, price targets point to a 30% low, possibly by the end of 2022. The asset is going to great lengths to avoid a steep decline. However, the intense bearish action has the potential to end the upcoming bullish move. BTC continues to receive rejection from the upper line of the descending parallel channel. Therefore, 3 possible scenarios stand out for the asset:
- First, Bitcoin will drop to $13,000, where a strong altcoin season can begin.
- Bitcoin will trade sideways for another 3 months and form a descending triangle.
- The price would drop hard to reach levels above $25,000, trap the bulls and test the crucial support around $12,500.
BTC is below all possible trend lines on a macro scale. Therefore, the downward pressure is extremely high. However, the market sentiment is not overly bearish. So a small recovery is possible. On the other hand, if the trend follows the Elliot wave, then a major decline will soon begin.
