CrypLogger.com
  • Home
  • Exclusive
  • Learn About Coins
  • Artificial Intelligence
  • Forecasts
  • News
  • Opinions
  • Current Prices
No Result
View All Result
  • Home
  • Exclusive
  • Learn About Coins
  • Artificial Intelligence
  • Forecasts
  • News
  • Opinions
  • Current Prices
No Result
View All Result
CrypLogger
No Result
View All Result
Home Forecasts

The expert substantiated the likelihood of a decline in bitcoin to $ 25,000

by Vaibhav
October 6, 2022
in Forecasts
0
The expert substantiated the likelihood of Bitcoin dropping to $ 25,000
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Disclaimer

Forecasts of financial markets are the private opinion of their authors. The current analysis is not a guide to trading. Cryplogger is not responsible for the results of the work that may occur when using the trading recommendations from the submitted reviews.

A fall in the price of bitcoin down from the protracted consolidation looks like the most likely scenario. Since the springs of the markets have compressed as much as possible, an exit in one direction or another is likely in the coming days or even hours, said Janis Kivkulis, lead strategist at EXANTE.

Bitcoin price fluctuations in the last two months fit well into a triangle with frequent bounces from levels near $31,500 and a resumption of sales from ever lower levels. A month ago, the bounce lost strength by $40,000, a couple of weeks ago the price reversed already at levels above $36,000, and at the beginning of the week, sellers took over at $34,000.

So far, bitcoin is supported by the belief of enthusiasts in its attractiveness in the event of a price drop by half from peak levels. However, the reversal trend down from ever lower levels is a significant selling factor.

Given the hype specifics of cryptocurrencies – they are often bought based on rapid growth – prolonged consolidation is increasingly disappointing for speculators. Bitcoin trading volumes have plummeted in the past two months, down four-fold from what they were at peak price levels as investors wait for further declines and speculators curtail activity.

Among the technical signals on the side of the bears is the fall of bitcoin below its 200-day average at the end of last month and an unsuccessful attempt to return above this level at the start of July. On the Bitcoin chart, a “death cross” is formed when the 50-day moving average crosses down the 200-day moving average.

See also  Arthur Hayes predicted a continuation of the Bitcoin price correction

A failure below the support line at $31,500 can take the price below $30,000 in a matter of hours. Then the question of falling down to the levels of $23,300, where bitcoin was gathering strength for a breakthrough in January 2021, becomes relevant. It cannot be ruled out that with the acceleration, the price will even close the gap in the $18,000 area. Such a turn of events could become a repeat of the 2018 crypto winter. It will open up the opportunity for a commensurate price collapse with a bottom near $10,000 and nullify the rally of the first cryptocurrency, which began in October 2020.

Ethereum has been under pressure since July 7, returning to the lows of last month during this time, which is in line with the overall market dynamics. At the same time, the current level near $1900 used to be a significant area of ​​resistance. On the chart of the second cryptocurrency, a “head and shoulders” pattern has been formed, which creates a significant potential for a decline to $600-700 if the market gives up the current line of defense.

Bitcoin, like Ethereum, has formed the prerequisites for an extremely strong decline in the event of a failure under the current levels. More worryingly, there has been a lull in the cryptocurrency market in recent days, reminiscent of a consolidation of bear forces before a big blow. And this situation should not be regarded as the stability of the crypto market against the backdrop of a sale in stocks or raw materials. In recent months, we have seen more than once how quickly a lull can be replaced by a massive collapse.

Subscribe to Cryplogger news in Telegram: Cryplogger Feed – the entire news feed, Cryplogger — the most important news, infographics and opinions.

Found a mistake in the text? Select it and press CTRL+ENTER

Related articles

Bobby Lee predicted the continuation of the bear market

Bobby Lee predicted the continuation of the bear market

December 24, 2022
BitMEX Co-Founder Predicts Bitcoin to Rise to $1M by 2030

Arthur Hayes Says Bitcoin Has Hit the Bottom

December 12, 2022

Disclaimer

See also  Arthur Hayes Says Bitcoin Has Hit the Bottom

Forecasts of financial markets are the private opinion of their authors. The current analysis is not a guide to trading. Cryplogger is not responsible for the results of the work that may occur when using the trading recommendations from the submitted reviews.

A fall in the price of bitcoin down from the protracted consolidation looks like the most likely scenario. Since the springs of the markets have compressed as much as possible, an exit in one direction or another is likely in the coming days or even hours, said Janis Kivkulis, lead strategist at EXANTE.

Bitcoin price fluctuations in the last two months fit well into a triangle with frequent bounces from levels near $31,500 and a resumption of sales from ever lower levels. A month ago, the bounce lost strength by $40,000, a couple of weeks ago the price reversed already at levels above $36,000, and at the beginning of the week, sellers took over at $34,000.

So far, bitcoin is supported by the belief of enthusiasts in its attractiveness in the event of a price drop by half from peak levels. However, the reversal trend down from ever lower levels is a significant selling factor.

Given the hype specifics of cryptocurrencies – they are often bought based on rapid growth – prolonged consolidation is increasingly disappointing for speculators. Bitcoin trading volumes have plummeted in the past two months, down four-fold from what they were at peak price levels as investors wait for further declines and speculators curtail activity.

Among the technical signals on the side of the bears is the fall of bitcoin below its 200-day average at the end of last month and an unsuccessful attempt to return above this level at the start of July. On the Bitcoin chart, a “death cross” is formed when the 50-day moving average crosses down the 200-day moving average.

See also  Experts call the correction of bitcoin "healthy" and necessary before the rise to $ 86,000

A failure below the support line at $31,500 can take the price below $30,000 in a matter of hours. Then the question of falling down to the levels of $23,300, where bitcoin was gathering strength for a breakthrough in January 2021, becomes relevant. It cannot be ruled out that with the acceleration, the price will even close the gap in the $18,000 area. Such a turn of events could become a repeat of the 2018 crypto winter. It will open up the opportunity for a commensurate price collapse with a bottom near $10,000 and nullify the rally of the first cryptocurrency, which began in October 2020.

Ethereum has been under pressure since July 7, returning to the lows of last month during this time, which is in line with the overall market dynamics. At the same time, the current level near $1900 used to be a significant area of ​​resistance. On the chart of the second cryptocurrency, a “head and shoulders” pattern has been formed, which creates a significant potential for a decline to $600-700 if the market gives up the current line of defense.

Bitcoin, like Ethereum, has formed the prerequisites for an extremely strong decline in the event of a failure under the current levels. More worryingly, there has been a lull in the cryptocurrency market in recent days, reminiscent of a consolidation of bear forces before a big blow. And this situation should not be regarded as the stability of the crypto market against the backdrop of a sale in stocks or raw materials. In recent months, we have seen more than once how quickly a lull can be replaced by a massive collapse.

Subscribe to Cryplogger news in Telegram: Cryplogger Feed – the entire news feed, Cryplogger — the most important news, infographics and opinions.

Found a mistake in the text? Select it and press CTRL+ENTER

Share76Tweet47

Related Posts

Bobby Lee predicted the continuation of the bear market

Bobby Lee predicted the continuation of the bear market

by Vaibhav
December 24, 2022
0

Co-founder and former head of BTCC exchange Bobby Lee, in an interview with CNBC, allowed the return of the crypto...

BitMEX Co-Founder Predicts Bitcoin to Rise to $1M by 2030

Arthur Hayes Says Bitcoin Has Hit the Bottom

by Vaibhav
December 12, 2022
0

Former BitMEX CEO Arthur Hayes, on Scott Melker's podcast, said that the first cryptocurrency hit the low of the current...

Mike Novogratz: Bitcoin is less volatile than altcoins

Mike Novogratz reiterated his forecast for Bitcoin to rise to $500,000

by Vaibhav
December 5, 2022
0

Galaxy Digital founder Mike Novogratz in a comment Bloomberg Television retained its forecast for the price of the first cryptocurrency...

Top managers of bitcoin companies gave forecasts for the market after the collapse of FTX

Top managers of bitcoin companies gave forecasts for the market after the collapse of FTX

by Vaibhav
November 16, 2022
0

Against the backdrop of the bankruptcy of the FTX exchange, the "hole" in the balance of which amounted to about...

there is a threat of liquidations by troubled companies

Experts predicted “uncomfortable turbulence” in the market due to the conflict between FTX and Binance

by Vaibhav
November 9, 2022
0

DisclaimerThe material does not constitute investment advice. Cryplogger is not responsible for the investment decisions of readers. The withdrawal of...

Load More

Recent News

  • Weekly: New Twitter CEO | SEC against BUSD and Mormons | Drop from BLUR | Mint…
  • The Fed is looking for a programmer to work on the digital dollar
  • Former FTX chief Nishad Singh ready to deal with…
  • Yuga Labs copied the logo from a children’s book
  • CoinShares spokesman: “The claim that bitcoin is controlled…
  • DefiLlama resolves internal disputes, sends LLAMA token plans to alpaca’n
  • The new head of YouTube promotes the ideas of Web3, NFT and metaverses
  • r/WallStreetBets founder files lawsuit against Reddit
  • Chainalysis: 24% of new tokens in 2022 showed signs of pump and dump
  • Euler Finance will enter into negotiations with the exploiters for the return of funds
  • Cameron Winklevoss: “The next bullrun will start from Asia”
  • Bitcoin overtakes Visa and Mastercard in terms of market capitalization
  • Crypto fund Galois Capital stops working
  • Helium Network migrates to the Solana blockchain
  • In South Korea, the price of BTC is lower than in the global market
  • Economic calendar February 20-24: what will be important this…
  • Hong Kong may allow crypto investments to private investors
  • Cryptocurrency fear and greed index reaches its highest level since bitcoin’s all-time high
  • Podcast with Buterin: about Ethereum, hacking The DAO, sharding, censorship and…
  • The crypto community ridiculed the new immutability law…

Follow Us On Twitter

  • Home
  • About Us
  • CCPA
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms of Use
Email: contact@cryplogger.com

© 2021-23 Cryplogger.com
CrypLogger is a cult magazine about bitcoin, blockchain technology and the digital economy. Every day we supply news and analytics on the cryptocurrency market since 2021.

No Result
View All Result
  • Home
  • Artificial Intelligence
  • Forecasts
  • News
  • Opinions

© 2021-23 Cryplogger.com
CrypLogger is a cult magazine about bitcoin, blockchain technology and the digital economy. Every day we supply news and analytics on the cryptocurrency market since 2021.

Go to mobile version