Bitcoin (BTC) cannot fool anyone with its current behavior, it is showing a bearish trend everywhere. Also, only two days left until the annual closing. In this environment, his analysts are sharing their predictions for the Bitcoin price.
Bitcoin price target marks $10,000, analyst says
TradingView data showed that Bitcoin (BTC) rallied above $16,600 at the Wall Street open after falling below $16,500 in the second day. BTC was unattractive to traders, many of whom feared a deeper pullback around the new year.
On the list of potential ‘surrender targets’, Crypto Tony expects $10,000 for Bitcoin price. It also reveals expectations for Ethereum (ETH) to drop as low as $300. In part of his comment, the analyst said, “Things are changing fast. However, if we hit these areas, I would start climbing stairs,” she says. Meanwhile, Daan Crypto Trades is putting the current spot price below a ‘must hold’ area for BTC bulls to shoot up.
BTC caption chart / Source: Daan Cypto Trades/Twitter“Bitcoin price structure is bad!”
“The whole market looks bad… The thing is, some altcoins look even worse,” continues Crypto Capo. In this context, the analyst predicts that there will be losses of up to 90% in altcoins. Popular commentator aQua makes the following assessment:
In layman terms, the Long/Short ratio is positive for the first time since May. It means there are now more Longs than Shorts, OI and Financing are positive. So, people are constantly betting that BTC will rise in the market. However, the price structure looks bad. Also, it’s possible that this could easily be another local top or bottom. You have to be careful!
Long/Short BTC perpetual futures chart / Source: aQua/Twitter“We will start another slow debut soon”
Blockware principal analyst Joe Burnett says that a painful period in Bitcoin history is slowly coming to an end. In this respect, he approaches from a slightly more hopeful perspective. The analyst makes the following statement:
Everyone is showing a bear trend. However, Bitcoin is still trading at its June price ($17.5k). The mining industry was destroyed. Also, most of the weak hands (BTC and ASICs) have been liquidated. We’ll be starting another slow release soon.
“The bulls will either get this back now or never!”
Short-term BTC price action was supported by US equities, with the S&P 500 up 1.4% and the Nasdaq Composite Index up 2.1% in first-hour trading. The US dollar continued broader consolidation after two consecutive days of gains for the US Dollar Index (DXY). Entrepreneur Mark Cullen comments:
Bitcoin swept low/16.5k. It also filled FVG and entered a 3rd drive with multiple 1-hour bullish divergences. The bulls will either get it back now or never get it. If you lose the $16.2k level, the year-low will be under threat. Meanwhile, the lower + DXY seems to want to bounce!
DXY 1-day candlestick chart / Source: TradingViewJust two days before the weekly, monthly, quarterly and annual close, BTC has lost nearly 60% of its value since the beginning of the year. Also, it dropped 3% for December and 14.2% in Q4.
BTC monthly return chart / Source: Coinglass
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