cryptocoin.com As we have also reported, Bitcoin (BTC) started the new week under $ 45,000 and is trading at $ 44,365. BTC seems to have erased most of its recent recovery efforts, for now. The one-week situation of the BTC / USD parity is in the form of a loss of 14.2%. So, what will happen in BTC price this week, what developments will affect the price?
The expectation that stock markets will recover may positively affect the Bitcoin price
While a red week is behind in cryptos as well as stocks, expectations are that stocks will recover. “We expect stocks to bounce back this week and provide some relief for Bitcoin,” said Charles Edwards, CEO of investment manager Capriole. It is thought that strong stocks could keep the strength of the US dollar in check, which will give BTC more room to breathe.
Price dips below bullish metrics: What are analysts saying?
There was a huge disparity between on-chain metrics, adoption and price, as spot traders risked their bets further down. Lex Moskovski, CEO of Moskovski Capital, said, “Stablecoin liquidity is increasing, Bitcoin on exchanges has reached a 3-year low. If the macro developments do not deteriorate the situation, the next rise is scheduled,” he said.
Moskovski later added that macro markets did indeed start the week in the green, and stablecoins not used as short-term collateral constitute a clear bullish argument. Meanwhile, Lark Davis said that BTC could still reach $100,000 in the fourth quarter. However, senior trader Peter Brandt is alarming. Brandt shared a bearish chart.
Filbfilb: Bitcoin dances with 2017
Despite the recent price movements, it’s still not all bad, says Decentrader’s Filbfilb. “We’re dancing with 2017 right now,” Decentrader analyst Filbfilb said in comments over the weekend. He pointed to Decentrader data showing that BTC/USD is still on track after halving in 2020. “We’re dancing with 2017 right now,” Decentrader analyst Filbfilb said in comments over the weekend.
Monthly illiquid supply hits all-time high
According to statistician Willy Woo, every class of Bitcoin investors have either increased their positions or remained neutral due to recent price movements. “Whales have been added recently. Miners continue to stockpile. 10-1000 BTC holders mostly stayed the same,” he explained. “Publicly held reserves are declining (mainly, stock markets and ETFs are falling as companies add to their holdings),” he said.
Crypto market in fear again
The drop in Bitcoin price has lowered the crypto fear and greed index from extreme greed to fear. At the time of writing, Fear & Greed is at 44/100. So, it’s still in the “fear” zone. Meanwhile, BTC/USD is trading below $45,000.
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