Analysts continue to speculate on the next price movements as Bitcoin struggles to break above $19,000. In this article, we will convey the predictions of famous Bitcoin analysts about the largest cryptocurrency. Here are the details…
Bitcoin analyst compares current situation to 2018
Anonymous analyst Rager tells his 204,300 Twitter followers that as Bitcoin continues to provide support around $19,000, the demand space is now starting to show signs of exhaustion. According to the crypto analyst, traders who sold became active every time Bitcoin tried to break above $19,000. Rager also points to the lack of volatility in Bitcoin. He says this reminds him of the week that led to BTC falling from $6,000 to $3,000 in 2018. The analyst used the following statements:
BTC closed weekly with a candle body below $200. Bitcoin moves sideways and squeezes = boring. The last few weeks remind me of September 2018, just before the market raged.
Capo does not expect a 50 percent drop
Other crypto analyst Capo has a similar sentiment. Bitcoin’s current price action reflects the market structure during the peak of the 2018 bear market, according to the trader who correctly predicted BTC’s collapse this year, as we reported on cryptokoin.com. Capo believes the $19,000 support will eventually run out. But he doesn’t think Bitcoin will experience another 50 percent drop like it did in 2018. According to the analyst, BTC will likely rally to $21,000 before it breaks the support at $19,000 and bottoms out at $14,000.
Benjamin Cowen points to Bitcoin capitulation scenario
On the other hand, Benjamin Cowen states that Bitcoin (BTC) is on its way to reach the new bear market bottom. He thinks the biggest cryptocurrency could witness another selling event. Cowen says that Bitcoin’s one-year uninterrupted return on investment (ROI) indicator shows that BTC may be headed for a capitulation event. The analyst uses the following statements:
Historically, [Bitcoin’s one-year ROI] has bottomed at around 0.2. Bottoming out at 0.2 would mean falling into the $13,000 – $14,000 range in the next month or two. Then it probably reaches the 0.2 level.
According to the analyst’s chart, a bear market bottom is recorded when the one-year ROI metric in Bitcoin reaches 0.2. “If we see some kind of capitulation, then we see some kind of strong rally,” the analyst said. He also states that after the decrease of about 70 percent, the bottom levels will be recorded.
Aaron Arnold made a bottom call
Finally, Altcoin Daily co-founder and commentator Aaron Arnold shared his comments. He said that BTC’s price action reminded him of the 2018/2019 bear market. BTC is consolidating between $19,000-20,000, just as it was around $6,000 at the time. He noted that here lies the danger for the current market. While the views in 2018 were that BTC had found a bottom, the price eventually dropped 50 percent. According to the analyst, there is a risk of this happening again in the current market.
Arnold stated that BTC could find support between $11,000 and $14,000, or worse, drop to $6,000. One reason is that bearish indicators in the market are quite abundant. These include high inflation, dollar devaluation, government debt crisis, OPEC oil production cuts and the fact that BTC is still highly correlated with stocks.
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