The crypto market ended the week with the latest jobs report in the US coming in below expectations. But the addition of more than 200,000 jobs as the unemployment rate fell and wages continued to rise was a signal to investors that the Fed could move forward with additional rate hikes. So, where are the mothers next? Here are the predictions of 7 analysts for Bitcoin (BTC) …
What’s next in bitcoin price? 4 analysts explained
Stocks were green for most of the trading day, but began to lose momentum as the closing bell drew near. It ultimately closed lower as investors were hesitant to do anything due to multiple economic headwinds. At the close of the market, S&P, Dow and Nasdaq ended the day in the red, down 0.29%, 0.55% and 0.13%, respectively. The data shows that Bitcoin (BTC) bears attempted to break behind the $30,000 support early on Friday and bulls lowered BTC to $29,805 before the defenses rallied and pushed back above the $30,300 support in afternoon trading.
According to Kitco senior technical analyst Jim Wyckoff, “the bulls lost some strength late this week.” This drop caused July Bitcoin futures prices to trade lower in early US trades. “The bulls still have the short-term technical advantage overall, but now they need to step up to maintain their advantage and show some fresh strength soon,” Wyckoff said. According to Michaël van de Poppe, founder of MN Trading, the BTC price action on Friday is a warning sign that it may turn bearish in the near term, leading him to suggest that “a sweep of $29,500-29,700 seems inevitable.”
Market analyst Rekt Capital supported this view, saying that Bitcoin has “lost its mini-parabola.” This indicates that a macro drop to $29,250 is now more likely. Especially if this mini-parabola turns into new resistance”. Market analyst Crypto Tony said that from a macro perspective, Bitcoin bulls need to hold $25,000 to continue the bullish rhetoric that has developed in recent weeks.
Mike McGlone: The real testing process begins now
Mike McGlone, senior macro strategist at Bloomberg Intelligence, warns that Bitcoin (BTC) will face a major test in the second half of 2023. McGlone tells his 58,800 Twitter followers that after the strong performance in the first half of the year, Bitcoin will likely have to endure tough recession conditions over the next six months. The macro expert predicts that the stock market will start to decline and Bitcoin will have a chance to prove itself as a store of value or “digital gold” by not falling along with stocks.
McGlone also warns that in past recessions the Federal Reserve has been quick to loosen monetary policy, but due to high inflation, the central bank may be reluctant to do so this time. According to McGlone, a weakening crypto market had already emerged in the second quarter of the year as stocks gained as top crypto assets tracked by the Bloomberg Galaxy Crypto Index (BGCI) fell. McGlone also says headwinds are coming for risky assets like Bitcoin, as Bloomberg Economics predicts a recession in the second half of the year with US unemployment rising from 3.6% to 4.3%.
Ben McKenzie talked about the true value of Bitcoin
A popular actor, Ben McKenzie explained that he was in no rush when crypto first gained popularity. Instead, he decided to research and learn more about the emerging technology at the time. In a video uploaded to YouTube, McKenzie stated that Satoshi Nakamoto intended Bitcoin to function as a currency. However, according to his discovery, the flagship cryptocurrency didn’t work that way. This made him more curious as he tried to discover Bitcoin as it did not function as a currency.
McKenzie initially thought Bitcoin was a scam. According to him, the events surrounding the crypto industry in 2021 created the idea that it could be a giant pyramid scheme. McKenzie explained that when he did further research, he realized that the reason crypto appealed to so many people was that they could see whatever they wanted in it. McKenzie stated that in addition to those who see this as a get-rich-quick scheme, a segment of users is also interested in technology.
McKenzie acknowledged many of Bitcoin’s features as its main attraction, and users considered it an investment rather than a currency. However, he thinks that the amount of money allegedly over $1 trillion in Bitcoin is not real. According to Alex Mashinsky, the actual amount of Bitcoin is 10-15%. McKenzie stated that people who buy Bitcoin should understand that the true value of their crypto assets is about 15% of the stated figure. McKenzie stated that liquidity in crypto is low and most of the volume in the market is leveraged.
John Bollinger also announced the next for Bitcoin price
Finally, renowned trader and technical analyst John Bollinger has excited the cryptocurrency community with his latest observations of Bitcoin’s price chart. Bollinger, credited as the creator of the popular Bollinger Bands tool, believes there may be a significant price increase on the horizon for the leading cryptocurrency. According to Bollinger, Bitcoin’s chart is in line with its built-in trading indicators. This pattern consists of three distinct phases: burst, consolidation and support and reversal. While tweeting, he noted that each stage plays a crucial role in signaling a potential price hike. He also pointed to the following concepts:
- Burst phase: This first phase, according to analysts, represents a sudden and strong price spike that pushes Bitcoin beyond the upper band of the Bollinger Bands. The volatility signals strong upward momentum and increased buying pressure.
- Consolidation phase: Meanwhile, after the breakout, Bitcoin enters a consolidation phase marked by relative stability and a pullback towards the middle band of the Bollinger Bands. This period allows for a temporary pause in the upward movement, laying the groundwork for the next phase.
- Support and reversal phase: The most interesting aspect of the formation that emerges in this phase is the breakout. Bitcoin finds support near the middle band, creating a basis for potential renewed buying interest. This support level sets the stage for an up rally and a potentially significant price increase.
In his tweet, Bollinger suggested that Bitcoin, currently priced at $30,219, appears to be finding support in the middle band. The market cap of the cryptocurrency stands at an impressive $586.9 billion, while its 24-hour trading volume exceeds $14.8 billion. Historically, however, these figures reflect the high risks and intense interest surrounding the potential price increase in the coming months.
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