Bitcoin's 8th straight week of record declines
Bitcoin has lost nearly 36% of its value in the past few weeks, and BTC has been tugging at the $30,000 in the last two weeks. Prices are consolidating within a key demand area. However, given the current global market sentiment and recent price action, it seems premature to mark the current area as a bottom.
Kavita Gupta, founder of Delta Blockchain Fund, said that the current crypto market correction has ushered in a “cold winter” that may last a year and a half. In an interview with Bloomberg Technology, Gupta said the crypto winter was similar to previous price movements, mostly after Bitcoin hit a new all-time high. Gupta believes that Bitcoin prices may fall to around $14,000 due to the crypto winter, and Ethereum prices will also fall. Despite the crypto winter, Gupta noted that Bitcoin is still on course for another new high in just over a year. The market correction will provide opportunities for more adoption of Bitcoin, which will propel it to new all-time highs. Additionally, as more companies continue to include Bitcoin on their balance sheets, the more likely it is that the price of Bitcoin will make another record high.
Robert Kiyosaki, the author of "Rich Dad Poor Dad" remains bullish on Bitcoin. Last week, Kiyosaki tweeted that he remains bullish on Bitcoin’s future. Currently he is waiting for Bitcoin to test a new bottom, which suggests it could be $20,000, $14,000, $11,000, or even $9,000. He is bullish on Bitcoin because of his distrust of the Federal Reserve and Treasury.
Trading veteran Rekt Capital pointed out two ways in which a "death cross" pattern could affect Bitcoin's price performance, and warned overexcited bulls.
According to Rekt Capital, a bullish golden cross occurs when the 50 EMA surges to the 200 EMA, and a bearish death cross occurs when the 50 EMA falls below the 200 EMA. Historically in 2013, 2017 and 2019, Bitcoin's death cross marks the middle of a recession, with prices falling both before and after the death cross flashed. Bitcoin is now following the 2013-2019 pattern based on its pre-Death Cross performance.
So it's too early for Bitcoin to bottom out, not surprised to see -55%, -65%, -71%, or even -84% corrections in Bitcoin. Given the previous Bitcoin peak above $69,000, the crypto winter is coming May bring Bitcoin to $11,000.
Cryptocurrency analyst Konstantin Kaiser says that the price of Bitcoin has been able to stay above the support of the golden ratio between $26,000-$29,000 so far, but Bitcoin has not shown a clear upward trend so far. Bitcoin was able to bounce off the golden ratio support, but it was oscillating rather than rising significantly. In a bullish case, Bitcoin could rally to around $34,000. If Bitcoin breaks this resistance, it will encounter the next significant Fibonacci resistance between $40,000 to $43,000 and $54,000. Only if Bitcoin breaks the $54,000 price level, BTC’s correction is over and a new bull run is possible. In a bearish scenario, Bitcoin should break below the golden ratio support around $26,000. Then Bitcoin will only find significant support again between $14,000 and $20,000.
If Bitcoin really hasn’t bottomed out around $26,000, then the $14,000-$20,000 price range is an ideal bottom candidate. After all, not only BTC meet its 2018 high there, but the trendline connecting the 2015 and 2020 lows also crossed this price level.
However, the analyst Konstantin Kaiser also pointed out that Bitcoin’s importance has not diminished. Bitcoin’s dominance could bounce off the 39-41% support level, meaning that Bitcoin’s market capitalization could break out of the 52% of crypto market, even occupy 60% of the market share.
(For reference only, plz invest rationally)
Kavita Gupta, founder of Delta Blockchain Fund, said that the current crypto market correction has ushered in a “cold winter” that may last a year and a half. In an interview with Bloomberg Technology, Gupta said the crypto winter was similar to previous price movements, mostly after Bitcoin hit a new all-time high. Gupta believes that Bitcoin prices may fall to around $14,000 due to the crypto winter, and Ethereum prices will also fall. Despite the crypto winter, Gupta noted that Bitcoin is still on course for another new high in just over a year. The market correction will provide opportunities for more adoption of Bitcoin, which will propel it to new all-time highs. Additionally, as more companies continue to include Bitcoin on their balance sheets, the more likely it is that the price of Bitcoin will make another record high.
Robert Kiyosaki, the author of "Rich Dad Poor Dad" remains bullish on Bitcoin. Last week, Kiyosaki tweeted that he remains bullish on Bitcoin’s future. Currently he is waiting for Bitcoin to test a new bottom, which suggests it could be $20,000, $14,000, $11,000, or even $9,000. He is bullish on Bitcoin because of his distrust of the Federal Reserve and Treasury.
Trading veteran Rekt Capital pointed out two ways in which a "death cross" pattern could affect Bitcoin's price performance, and warned overexcited bulls.
According to Rekt Capital, a bullish golden cross occurs when the 50 EMA surges to the 200 EMA, and a bearish death cross occurs when the 50 EMA falls below the 200 EMA. Historically in 2013, 2017 and 2019, Bitcoin's death cross marks the middle of a recession, with prices falling both before and after the death cross flashed. Bitcoin is now following the 2013-2019 pattern based on its pre-Death Cross performance.
So it's too early for Bitcoin to bottom out, not surprised to see -55%, -65%, -71%, or even -84% corrections in Bitcoin. Given the previous Bitcoin peak above $69,000, the crypto winter is coming May bring Bitcoin to $11,000.
Cryptocurrency analyst Konstantin Kaiser says that the price of Bitcoin has been able to stay above the support of the golden ratio between $26,000-$29,000 so far, but Bitcoin has not shown a clear upward trend so far. Bitcoin was able to bounce off the golden ratio support, but it was oscillating rather than rising significantly. In a bullish case, Bitcoin could rally to around $34,000. If Bitcoin breaks this resistance, it will encounter the next significant Fibonacci resistance between $40,000 to $43,000 and $54,000. Only if Bitcoin breaks the $54,000 price level, BTC’s correction is over and a new bull run is possible. In a bearish scenario, Bitcoin should break below the golden ratio support around $26,000. Then Bitcoin will only find significant support again between $14,000 and $20,000.
If Bitcoin really hasn’t bottomed out around $26,000, then the $14,000-$20,000 price range is an ideal bottom candidate. After all, not only BTC meet its 2018 high there, but the trendline connecting the 2015 and 2020 lows also crossed this price level.
However, the analyst Konstantin Kaiser also pointed out that Bitcoin’s importance has not diminished. Bitcoin’s dominance could bounce off the 39-41% support level, meaning that Bitcoin’s market capitalization could break out of the 52% of crypto market, even occupy 60% of the market share.
(For reference only, plz invest rationally)
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