Leading crypto Bitcoin is facing pressure from China in addition to the FTX fallout. Analysts are divided on what to expect from Bitcoin’s next market move.
“Bitcoin spot price close to critical support”
One commenter warned that if $16,000 is broken there will be a ‘teleport’ towards $12,000. Popular analyst Crypto Capo insisted, “When it drops below $16,000, it teleports to $12K-14K.” Popular Twitter account Credible Crypto asked where the volatility was headed, while Crypto Tony similarly identified $16,000 as a line in the sand for his trading strategy. Crypto Tony shared:
Finally some movement.. Stop-loss remains firmly at $16,000. But if it hits it will be closed. We will also look for shorts if we continue to close below the support zone and turn into resistance.
BTC caption / Source: Crypto Tony / TwitterTrader friend Pentoshi, meanwhile, focused on macro triggers as China’s protests over the country’s strategies to contain Covid-19 dampened sentiment.
“It is possible that $19,500 is the new BTC price cap”
Others point to the upcoming monthly close due to a lack of catalyst elsewhere earlier in the week. Analyst Rekt Capital states that beyond a potential source of volatility, Bitcoin’s monthly closing price will determine its long-term price range. In this context, the analyst says:
As BTC lost the ~$19,500 level as support… it fell to the ~$13,900 – $19,500 Monthly Range. Monthly Candle Close is coming soon. A Monthly Close below ~$19,500 will likely confirm that the ~$13,900-$19,500 range is the new playing field.
BTC explanatory chart / Source: Rekt Capital / Twitter“Bitcoin price will fall between 11-14 thousand dollars”
Crypto analyst Toni Ghinea shared his forecast for BTC yesterday. According to the crypto analyst, $11-14k is the last leg for Bitcoin. The analyst added that the bottom for BTC will be printed between December of this year and the first quarter of 2023. However, the analyst predicts a strong return to $30,000 later on.
BTC weekly chart / Source: CoinMarketCapThe weekly chart for BTC is still bearish as the 9-weekly EMA is below the 20-weekly EMA and the weekly RSI line is positioned below the weekly RSI SMA. These bearish indicators are a sign that BTC price is going to drop further. It indicates that it will be trading in a consolidation channel for at least the remaining weeks of this year.
“Bitcoin (BTC) likely to drop to $9k in 2023”
Gareth Soloway, chief market strategist at InTheMoneyStocks, predicts that Bitcoin will drop to $9,000 in 2023. But he says he’s not too worried about BTC’s long-term performance. Soloway looks at the performance of the S&P500 after the collapse of Lehman Brothers and notes that the stock market fell by about 40-45% in the following five or six months. Using the same formula, he calculates that Bitcoin could drop to $9,000 in the months following FTX. However, Soloway admits that he wants to “be in Bitcoin for the long term.” That’s why he states he will do more ‘hodl’.
Mobius predicts Bitcoin will drop to $10,000
Mark Mobius, founder of Mobius Capital Partners, predicts that the price of Bitcoin will drop to $10,000. As you follow on Kriptokoin.com, the co-founder of Mobius Capital Partners made the same prediction in early March. At that time, BTC was trading well above $30,000. Bitcoin is currently trading at a two-year low. Despite this, Mobius argues that BTC has held up ‘incredibly’ in the aftermath of the FTX disaster. Therefore, the leader praises the resilience of the cryptocurrency.
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