Bitcoin traded in the green last week, sending signals of a market recovery. Even JP Morgan, which previously predicted the bear market would continue, reported that the downturn could end. However, Bitcoin and the cryptocurrency market in general have their way of bucking sentiment, moving in the opposite direction when least expected. BTC is rejected at $23,000, slides back to $21,000 and has yet to break out in the indices. Crypto analyst Kevin Svenson revealed that the market’s ups and downs momentum combined with the factors of a weak global economy is making it difficult for Bitcoin to rise in price.
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Svenson predicted that BTC has yet to bottom, and investors who think its bottom was at $18,000 could be proven wrong by the markets. “The Bitcoin market cycle rarely bottoms out take place if everyone agrees he said to Zycrypto. he continued “It’s unlikely to happen if everyone gets their preferred prize. Bitcoin keeps surprising us” he said.
Another crypto analyst, Justin Bennett, boldly predicted that Bitcoin’s bearish patterns would push it to $8,500. Bennett claimed that BTC is now in “uncharted territory” and the leading crypto will soon see a “surprise downturn.” Even HEX founder Richard Heart told it exclusively to Watcher Guru that Bitcoin will reach $11,000 in the coming months. Read here to learn more about why BTC is heading for $11,000 and below.
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Bitcoin: what to expect next? Here is our take
Source: usa.kaspersky.com
The Coinbase Premium Index highlights that buying pressure is relatively weak and US institutional investors are not going all-in. Even the Crypto Fear and Greed Index is fluctuating between 10 and 30, suggesting that “fear” still exists in the market. In addition, the Feds are scheduled to meet this week and plan a rate hike of 0.75 percent.
Sri Lanka is suffering from an uncontrollable economic crisis in the global financial sector. Even Pakistan is reportedly on the verge of a similar financial situation if left unchecked. Protests also erupted in China when the central bank confiscated many accounts. China is facing a liquidity crisis and the trend has been going on for over two months.
Also Read: Ethereum Could Hit Monthly High With Current Rally: Here’s Target Price
All of the above developments are yet another cocktail brewing financial disaster. Therefore, it is prudent to remain cautious during this period as Bitcoin could fall to new lows. Read here to learn the three global events that point to another cryptocurrency market crash in the near future.
At press time, Bitcoin was trading at $21,900 and was down 3.6% in 24-hour daily trading. The king crypto is also down 68% from its all-time high of $69,044 set in November of last year.
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