Bitcoin: 3 expert crypto analysts are evaluating the next levels from Bitcoin’s slight rise. Closely-watched analysts share a potential scenario for Bitcoin to reach $30,000
- 1 Cred assesses rising scenario for BTC
- 2 Worst case scenario for Bitcoin (BTC) according to Nicholas Merten
- 3 Arthur Hayes gives new warning, Bitcoin and Ethereum these are threats
- 4 Share this:
Cred assesses rising scenario for BTC
First analyst Cred says that while Bitcoin is still recovering, he sees a setup that signals a possible rally. The analyst predicts a weekly close above the 200-week moving average. This level averages around $22,000. In the other scenario, Bitcoin spending time below this level will invalidate the bullish thesis. However, the analyst says that if BTC gains upward momentum, it will prepare for a meaningful reversal. In fact, it may make a green candle series in the coming weeks after a record 9-week red candle series.
According to Cred, Bitcoin has dropped from $48,000 to $17,000 with incredible bearish momentum over the past few weeks. However, he says that the rebound of the 200-week MA at $22,000 could suddenly turn the momentum in favor of BTC bulls:
As you can tell from the $20,000 trade, the weekly time frame is in the support area. The weekly close was not very constructive below the bearish support on the face value. If it’s going to be bullish, we need a weekly close above this level ($22,000) to mark this price action as a failed breakout and then we can target a reversal higher… On the weekly time frame, my eye seems to have at least turned the previous range resistance at $32,000.
Worst case scenario for Bitcoin (BTC) according to Nicholas Merten
Fellow analyst Nicholas Merten looks at historical data to determine if Bitcoin (BTC) has truly bottomed after a long downtrend. In a new strategy session, Nicholas Merten warns on Saturday not to feel too enthusiastic about Bitcoin’s rebound from weekly lows after BTC briefly plunged below $18,000:
I don’t want people to get too excited. That we may see gains another day or more, maybe even into this range here. [22.300 dolar civarında] While I feel we can bounce back, where we are now, I want to highlight the difference between this 75% correction and how much 80%. It may seem like a fix.
In bearish price movements, the analyst shares critical supports of Bitcoin below $20,000:
If we go from 75% to the typical 80% correction, what does this look like? Not just a few hundred dollars or a thousand dollars down, we would go from a Bitcoin price of $ 17,500 to $ 13,700. We are testing the $14,000 range, where we saw the price top or at least form a temporary top during the bull market of June 2019.
While the strategist isn’t sure if Bitcoin will drop exactly 80% above its all-time high of $69,000 in November 2021, he continues to say that broader macroeconomic volatility could push king crypto lower despite historical trends and fundamental strength. The analyst says:
While I generally expect corrections to weaken over time and historically weaken further, given the macro environment we’re in right now, we’re probably going to get the typical 80% correction. This is an important thing to stay clear on here so as not to put absolutely everything together in this case.
Arthur Hayes gives new warning, Bitcoin and Ethereum these are threats
Former BitMEX CEO Arthur Hayes says the “forced selling” of Bitcoin (BTC) and Ethereum (ETH) could cause the crypto market to crash again in the near future. Hayes notes that Canada’s Purpose BTC exchange-traded fund (ETF) sold a staggering 24,500 Bitcoins on Friday:
I’m not sure how they run the redemptions but that’s a lot of physical BTC to sell in a small time frame. With the money markets closed for the weekend, BTC fell to $17,600 with good volume, almost 20% down from Friday. It smells like constant stalls triggered by the forced seller.
Hayes said the market quickly rebounded with low volume after sellers abandoned their holdings:
Considering the poor risk management situation of crypto lenders and overly generous lending conditions, expect more forced selling of BTC and ETH as the market realizes who is swimming naked. Is it over yet… I don’t know. But for skilled knife catchers, there may be additional opportunities to buy cryptocurrencies from those who must hit every offer, whatever the price.
In a recent blog post, Hayes says he’s looking at a specific weekend when crypto could capitulate as panic sellers flood a bid-free market:
By June 30 (end of the second quarter), the Fed will have enacted a 75 basis point rate hike and will have started shrinking its balance sheet. It falls on Monday, July 4th, and is a federal and banking holiday. This is the perfect setup for another mega crypto dump.
In March, Hayes and BitMEX co-founders Benjamin Delo and Samuel Reed were found guilty of breaking a law that required financial institutions to help the government detect and counter money laundering schemes.
The US Department of Justice (DOJ) claimed that while the trio claimed BitMEX did not serve individuals in the US, it deliberately failed to maintain anti-money laundering protocols and profited from US-based clients’ transactions.
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