The crypto market showed signs of resilience on Wednesday. The decreases that emerged in the early hours of the morning were reversed towards the afternoon. So prices are back to where they started the day. Dropping to $19,755 early Wednesday, Bitcoin reversed course in the afternoon session. This reversal led to a rally above the $20,000 level, where the bulls are fighting the bears for control. However, 6 closely-followed analysts warn that the BTC drop is not over yet.
“5 analysts: These bottoms are coming for Bitcoin”
“If BTC bulls do this, bullish action will begin”
Senior technical analyst Jim Wyckoff published a summary article compiling his views on BTC. Accordingly, the analyst specifically talks about the weakness in the Bitcoin price. According to him, the bulls gained slight momentum earlier this week. But that didn’t change the fact that they continued to report losses for most of Wednesday. However, Wyckoff suggests that the bulls have the potential to “start a rally.” According to him, the start of this rally is dependent on the bulls getting more price increases in the near term.
“Bitcoin may drop to $6,000”
Florian Grummes, managing director of Midas Touch Consulting, does not support Wyckoff’s bullish forecast. The analyst describes BTC, which has been moving sideways since June, as “three months of torture.” He also claims that the leading cryptocurrency will break down in the near future. For this breakout, Grummes highlights the main support at $18,000. The analyst said that “prices will likely stay within the tightening Bollinger Bands.” These bands currently cost between $16,000 and $28,000.
All technical data remains bearish for the leading cryptocurrency, according to Grummer. The analyst states that the latest rally will not end the crypto winter. As we reported on Kriptokoin.com, Grummer, all other assets are trading at lower prices as the US dollar remains strong. He also warns that if the bears dominate the price, BTC could drop to $14,000 to $10,000 and $6,000. However, he adds that the big sales he mentioned will continue into next year due to the rally expected to start in October.
“Waiting for these bottoms”
BTC analyst Willy Woo looks at how many cryptocurrencies are at a lower value compared to the purchase price. The analyst states that this is “another way of visualizing maximum pain.” Accordingly, Wu’s chart reveals that 60% of BTC holders are at a loss. However, he adds that despite this, we do not see past sales in the current cycle. According to him, the current low of BTC is located at $10,000. The analyst predicts a drop to these levels.
“Another leg of the bear market will drive the price to these levels”
Another analyst who suggested that BTC could drop another level is Nicholas Merten. Merten told 513,000 YouTube subscribers this week that another leg of the bear market is coming. According to him, this new wave of selling will push the Bitcoin price closer to the $13,000 level.
“BTC price has already hit rock bottom”
Crypto analyst Cred says that in a market correction caused by unprecedented factors, the price of Bitcoin may have bottomed out at around $20,000. According to him, the BTC transaction price may not go lower. However, even if it falls, it won’t matter much in the long run. In addition, Cred also shared his expectations for the rise. Accordingly, the analyst says that $19,000 to $20,000 should turn into support. After that, he claims that the breakout to $24,000 will confirm the uptrend.
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