After hitting a six-week low below $38,000, Bitcoin has added almost $2,000 to its value in the past 24 hours. So, what’s next for the largest cryptocurrency, which is trading at $ 39,700 at the time of writing? Here are four analysts’ predictions for Bitcoin…
Will Clemente: Bitcoin needs to decouple from exchanges
On-chain analyst Will Clemente noted that BTC has had an “extremely high” correlation with the Nasdaq 100 recently. states. Sharing the chart below, the expert points out that the correlation level, especially with technology stocks, has reached 0.98. For Bitcoin’s price to rise, Clemente says it either needs technology to recover or it needs to leave stocks. According to the analyst, a new type of buyer is accumulating BTC at current prices. He predicts that this will lead to the divergence of Bitcoin and the stock market.
As evidence, Clemente compares a graph showing the percentage of Bitcoins that haven’t moved in a year to a graph that tracks how far the Nasdaq is from its all-time high. Pointing out that although Nasdaq experienced a decrease of about 20 percent, about 64 percent of the circulating supply of BTC did not move, the analyst states that a base with those who believe in BTC is formed. Clemente also points out that Bitcoin stock market exits are increasing. Additionally, whales have been accumulating BTC for a month, according to the analyst.
Benjamin Coven: Bitcoin will outperform tech stocks
Crypto analyst Benjamin Cowen says BTC is trading below the bull market support band against the dollar. The bull market support band is a technical indicator that combines the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA). However, the situation is not the same for Bitcoin’s chart against the Nasdaq, according to Cowen. The analyst states that since late 2020, BTC has put higher lows and lower highs against the Nasdaq. Cowen estimates that Bitcoin’s breakout against the Nasdaq is “more likely” than the drop, saying:
Bitcoin’s valuation against the Nasdaq actually shows that it is above some of these short-term moving averages. In fact, the Bitcoin valuation against the Nasdaq seems to be building something of a kind. The window it moves through is getting smaller as time goes by… If you expand the range, you can see that they will finally converge at the beginning of 2023.
Michael van de Poppe: There will be a big break for Bitcoin
Crypto analyst Michaël van de Poppe believes that Bitcoin (BTC) will finally make it to all-time highs. He says it behaved similarly to mid-2020 just before kicking off a massive bull run that took it to highs. Claiming that we are currently in an “accumulation phase”, the analyst says that uneventful price action, as BTC traders are currently witnessing, is one of the hallmarks of pre-breakthrough conditions.
Van de Poppe also watches the dollar index (DXY) closely. While DXY has been on a parabolic run for the past few months, Bitcoin says it may be time for a comeback that could be the fuel crypto and exchanges need. He suggests that the dollar must weaken for BTC to reverse its trend. As we have reported as Kriptokoin.com, the last DXY broke a record by breaking above the 100 levels.
Big BTC rally until 2023?
Finally, crypto strategist Credible Crypto stated that he expects Bitcoin (BTC) to start a strong rally by the end of the year and the current bearish trend is designed to drive traders away from the market. He also says that BTC is going through the final correction phase before skyrocketing above $100,000 by 2023. In the short term, Credible says Bitcoin could pull back to $36,400 before reversing its trend. The analyst uses the following statements:
Mid-cycle fixes are designed to shake you up and are highly effective. Ask the guys who sold BTC below $10,000 before BTC rallied 1,500 percent during the March capitulation. Patience is needed. The [large time frame] structure remains intact. It’s really simple.
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