Market analyst warns Bitcoin price is around $ 24,000 to $ 23,000 New 3-4 Weeks Week
Well-known crypto trader Keith Wareing has warned Bitcoin (BTC) traders of a severe bearish scenario in the market.
Dealers Job Bitcoin in a cup and vice versa earlier this month, a bearish structure that formed during a downward wave followed by a period of stabilization. Tech design often comes at a price much lower than the magnitude of the previous drop.
Bitcoin hit nearly $ 65,000 in mid-April before going down again in later trading sessions. The cryptocurrency fell as low as $ 28,800 on June 22nd after trying to keep the price consistently above $ 30,000. He succeeded in doing this, but failed to prolong the bullish reversal after facing relatively higher selling pressures in the $ 35,000 to $ 36,000 range.
The grip of the pattern appears to be drying up, leading Wareing to say that Bitcoin price will fluctuate within the structure for the next three to four weeks. After that, the cryptocurrency will decline until it can reach USD 24,000.
“If the handle breaks, expect 24k -29k to be the new range. […] Another 3-4 weeks limited range imo, ”Wareing Written in an update on Friday.
Negative outlook for riskier assets
The bearish warning for Bitcoin picked up pace in the weeks after global regulators stepped up crackdown on the crypto sector. In China, for example, after Beijing’s 2018 restriction on cryptocurrency trading, the central bank effectively banned all forms of crypto-related activities, including mining, which is one of the few crypto industries in existence.
Meanwhile, Binance, the world’s leading cryptocurrency exchange by volume, has come under pressure from regulators in the UK, Thailand, Canada, Japan and the Cayman Islands for its extensive cryptocurrency movements.
The UK’s Financial Conduct Authority banned Binance from all regulated financial activities last month. This prompted Barclays, Faster Payments and Santander to block their bank customers from accessing Binance.
BTC / USD bids also fell along with traditional markets due to mounting concerns about the global economy, mainly after days of heavy movement in government bonds, suggesting slower growth and inflation compared to previous forecasts.
Shaniel Ramjee, Senior Investment Manager at Pictet Asset Management, said, “We are seeing a shift in asset allocation as people sell risky assets across the board and buy profits, making government bonds safer. It fell on Thursday for the first time since February 2021 to a low of 1.276 percent.
Yields fall when bond prices rise.
Clem Chambers, CEO of financial analyst firm ADVFN, suggests that bulls should wait for a crash before diving back into the Bitcoin market, noting that the best chance of accumulation the next one will come when cryptocurrency hits that level drops from $ 20,000.
However, the bulls remain confident that the growing acceptance of Bitcoin in the mainstream space, especially given ongoing concerns about higher inflation, will pull the cryptocurrency out of its status quo.
“Bitcoin has been stuck in a long and narrow trading range (8%) of $ 32,500 to $ 35,000 for most of the past 3 weeks.” speak Ronnie Moas, founder of Standpoint Research.
“I saw a 20% discount [on] China, GBTC lockdown, or some other negative headline [but] Year-to-date up 150% with admission of Exchange Traded Funds, several other positive headlines, [and] supply-side shock. “