Investors are rejoicing as the BTC price surged 7% to $21,800. However, analysts say that the macro-downtrend in Bitcoin price will hold true in the foreseeable future. Here are the expected levels…
How is the Bitcoin price?
The market saw positive price action on July 7 alongside gains in the traditional market. Because of this, many crypto investors have entered into big bullish expectations. According to Harris Financial Group Managing Partner Jamie Cox, the green day in the markets comes against the backdrop of rising unemployment claims in the United States. It is also a possible sign that “wage pressure may now have reached its peak”. According to Cox, the continuation of this trend will result in financial conditions “tight enough to allow the Fed to scale back rate increases.” Crypto investors are trying to navigate the choppy waters of the crypto winter to reach the bottom. However, analysts’ predictions for Bitcoin are largely negative.
The trend continues to be negative
“Many are getting euphoric and bullish as we’ve been repeating similar candle patterns over the past 8 months,” said Twitter user Roman. He then posted the Bitcoin chart below. In Roman’s view, this is the latest in a series of bogus indicators that would make many investors believe BTC is bottoming out. So, in reality the trend remains negative. The analyst said, “Decreasing volume in a range is consolidation for the continuation of the trend. Not to mention the thousands of entries to the stock markets before each peak.” said.
23 thousand dollars level is critical
Another trader was of the opinion that the trend remains absolutely negative. Gilberto stated that the Bitcoin price has recently emerged from a pennant formation. “A rebound above $23,000 would be bullish,” the trader said. For now, the daily trend is still down.” said. As for what the potential price path for Bitcoin might look like if it continues along the downtrend, market analyst Crypto Tony spoke. Tony said that BTC could bottom around $12,000. He then published a chart that he called a “worst-case scenario.” Tony said:
“I don’t think we will see the start of the next impetus until next year and a new bull run peak until 2024-2025. I’m already between $22-24k in Bitcoin and if it drops to $17-15k I will add it.”
Investors watch the 200-week moving average for Bitcoin
There are many tools that are used reliably to help identify market bottoms. However, the 200-week moving average (MA) is one of the most popular indicators traders use to identify good buying opportunities. As we reported on cryptokoin.com, Bitcoin has returned below the 200-week MA for only the fourth time in its history. Thus, speculation began to rise about how long it would take to break above this line and what the trading appetite would be like once it got there. Independent market analyst Michaël van de Poppe responded to this possible scenario. The analyst shared the following outlining what could happen once the 200-week MA in Bitcoin recovers:
“There is probably insane liquidity above the 200-Week MA. If Bitcoin breaks this level, I assume we will probably go from $2-5k to $28-30k in a few days. Then, the sentiment in Bitcoin’s price will also reverse.”
According to Poppe, the latest Bitcoin price is holding ‘well’ on the upside. In a tweet, Poppe said that Bitcoin should hold the $20,200 level before looking at the next target. Additionally, he noted that if he does this, he will reach $22,500. Bitcoin is trading below the 200 Moving Average, which forms a critical historical support level. This is why Poppe believes breaking the level is vital.
What will the next 6 months be like for Bitcoin?
He evaluated Bitcoin price on CryptoDonAlt, a popular crypto analyst on Twitter. The professional crypto trader said that Bitcoin could target the $30,000 level. However, he predicted that this would not signal the end of the bear market. Other market analysts predict that the second half of 2022 will trigger a rally for Bitcoin. For example, Mike McGlone, senior commodity strategist at Bloomberg, is one of them. McGlone stated that Bitcoin’s 2022 losses will lay a foundation for investors in the second half.
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