It’s been a boring weekend, with reviewers waiting for the excitement to return. In this environment, Bitcoin (BTC) sees its price action erase all traces of the week’s volatility. Meanwhile, analysts warn that volatility is long overdue. For this, Bitcoin (BTC) remained firmly attached to $19,000 until its weekly close on October 16.
“Bitcoin (BTC) volatility is a matter of time”
Leading crypto Bitcoin (BTC) had a sluggish weekend as it barely moved after hours. US economic data led to a series of characteristic fake events throughout the week. After these, Bitcoin returned to its original position. At the time of writing, it also showed no signs of leaving its built-in range.
For Michaël van de Poppe, founder and CEO of Eight trading platform, it’s more of a question of when unpredictability will return to crypto. The popular analyst shared the following to his Twitter followers:
The majority still assumes that we will continue to go downhill with the markets. However, I think the possibility of upside momentum is increasing.
Another popular analyst, nicknamed Crypto Capo, suggested that Bitcoin could see a bear market relief rally to $21,000 before continuing on the downside. In a Twitter post before the weekly close, he explained his belief that ‘the whole market’ is about to win.
“There will be capitulation, but not yet,” analysts added to some of the ensuing discussion about the market outlook. However, Bitcoin entered the second week of the “Uptober” with a 1.5% drop from the start of the month. This is his worst performance since 2018. It’s also far behind its 2021 gains of 40%.
Stocks overshadow the future of crypto
Looking ahead, short-term prospects for Bitcoin are not rosy, according to market participants. They see the ongoing correlation with the stock markets as proof of this. The Nasdaq Composite Index closed for the first week in fourteen years, below the 200-period moving average. As such, comparisons to the dotcom crash and the 2008 Global Financial Crisis abounded on social media.
Nicolas Merten, founder of YouTube channel DataDash, drew attention to the following in a post on the subject:
This was a pivotal moment for the two 50-80% bear markets before 2000 and 2008. Bitcoin has never experienced anything like this. So expect much more pain to come.
cryptocoin.com As we reported, Philip Swift, creator of LookIntoBitcoin, described 2022 as a bear market.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.