Bitcoin rallied above $37,000 on Tuesday, a day after initially falling to its lowest level since July. However, it has lost almost half of its value from ATH in November, causing some investors to question whether the recovery was short-lived and then followed by another downtrend. we too cryptocoin.com We have compiled the posts of 4 experts for our readers.
Analysts shared their 1st quarter end predictions for Bitcoin
David Duong, director of institutional research at Nasdaq-listed crypto exchange Coinbase (COIN), said in a recent statement that tough times await the crypto market:
I think we are experiencing a cyclical regression and this is not new. We’ve probably been going through all this setback since November 24th and it continues. My own view is that by the end of the first quarter, conditions will be quite challenging for cryptocurrencies.
Clay Gardner, chief investment officer at investment management firm Titan, describes the recent surge in Bitcoin as a “technical leap” as Bitcoin’s daily RSI hit its most oversold level since the March 2020 crash. However, Gardner notes that the overall technical short-term trend for Bitcoin is still bearish. On the other hand, according to eToro crypto analyst Simon Peters, a balanced Fed will help calm the markets, while a more hawkish Fed could accelerate the selling even more. On this subject, Gardner says:
We think this is a good time to explore, but we think it’s a good time not to buy until you have received it yet.
Let’s continue with the analysis that analysts have identified possible bottoms if Bitcoin’s price decline continues.
Technical analysts consider the 200-day MA
Peters from eToro shared that historically Bitcoin (BTC) price has bottomed around the 200-week MA:
The last time the 200-week MA was tested was after the March 2020 Covid crash, after which the price ATH level rose as high as $64k.
On the technical side, DailyFX strategist Paul Robinson said he is watching if Bitcoin can break the $28,600 support level. However, he evaluated what could happen if Bitcoin drops below the level:
It aims to create a wide spectrum stretching back to early 2021. If Bitcoin (BTC) drops below $28,600, it could go through a fairly long long bear market.
Finally, Greg Cipolaro Research analyst Ethan Kochav, global head of NYDIG, touched on the MVRV value of Bitcoin in his notes on Tuesday. He noted that the rate is currently at 1.5, cycle lows usually occur when MVRV rates are below 1.0, equating to a Bitcoin price of $24,000 relative to Tuesday levels.
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