Bitcoin is struggling around $20,000 despite volatility and market pressure being pretty high. The tight trend of the asset appears to be due to more than one external factor. These external factors are causing the markets to remain volatile in September. However, one analyst points to the next 48 hours for BTC, while another suggests that BTC will never see $68,000 again.
“Bitcoin can make these moves in the next 48 hours”
It is a well-known prediction that the Bitcoin price is going to the bottom with a lower probability of recovery. BTC price cut the huge falling wedge after the last bounce. In fact, it was waiting for a recovery to reach levels above $21,000. However, it suggested that new employment rates in the US also gave a significant boost to the asset. Unfortunately, the price fell in half. Now, it marks a bottom below $19,000 for the next 48 hours.
Currently, BTC price is hovering within a proximal channel that looks like a symmetrical triangle. The asset tests the lower support of the channel and tries to recover. However, the bulls are using every resource to bounce back from the downtrend. But they lag behind in volume and therefore present a good opportunity for the bears to take over. There is no doubt that it is possible for the asset to finally recover well. But there is much less chance of a Bitcoin bull run for the rest of 2022.
“Long-term decline”
The asset is showing significant bullish momentum in the short term. Despite this, over the wider time frame, Bitcoin is pretty bearish. It is possible for the asset to stabilize a notable downtrend in the next 45 days. There is also a high probability that new lows will emerge. Also, the probability of price action returning after a cycle is extremely low. Valerio, a known analyst, has cited BTC price movements since the 1st halving. The analyst claims that the bottom of the Bitcoin price will be reached in October or November.
According to the chart above, Bitcoin is peaking 2 years after the previous halving. Then it falls even harder. However, after reaching the bottom, it is trading sideways until the next halving. According to the analyst, we will reach the BTC bottom at a price below $17,500 in Q4 of 2022. However, it is possible for BTC price to trade sideways lower for a few weeks. It also sheds light on a recovery that might not have been a “V-Shape”. Therefore, Bitcoin bulls need to be cautious.
“Bitcoin will not see these levels again”
Bitcoin mining is a subject that has been highly criticized for its increased energy use. Price fluctuations could be pointing to a blockchain update that is likely to be a real game changer. At least that’s what crypto researcher Kyle McDonald tells CoinDesk. According to him, BTC does not attract much attention from investors. The researcher predicts that the Bitcoin network could be “regulated” and this could lead to a significant price drop. Then, he advised people to sell BTC.
The reason for this is that Ethereum will soon switch to the Proof-of-Stake model. According to him, Proof-of-Work, which Bitcoin also uses, was never necessary. It also continued to be a subject of constant criticism from governments and environmental activists. As we reported on Kriptokoin.com, McDonald added that Bitcoin will never see $69,000 again.
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