Is Bitcoin Going To 10 Thousand Dollars? Analyst Predictions Scared! – Cryptokoin.com

Morgan Stanley analysts warn that Bitcoin (BTC) will see new lows after it breaks the key support near the $18,000 level.

Is Bitcoin heading to the $13,000 range?

Those who have been checking the Bitcoin chart in recent days see that the price is constantly suppressed below $17,000. Morgan Stanley analysts predicted that this consolidation will likely dissolve into 2019 and 2020 bottoms. After Bitcoin broke the key support near the $18,000 level, analysts say additional losses are imminent.

Technically speaking, Bitcoin has fallen below $18,000, a support area, in recent weeks. The levels to watch now are the 2019 highs of $13,500 and the $12,500 range. This region was the bottom of the third quarter of 2020. Morgan Stanley analysts here highlight a few key levels that investors should watch from a technical standpoint.

According to independent crypto analyst Armando Aguilar, Bitcoin could fall to the price levels set by Morgan Stanley. Before that, it will first face significant support at the mid-$16,000 and $15,000 levels.

Brett Sifling, the investment advisor of Gerber Kawasaki Wealth & Investment Management, also stresses the importance of the $12,500 and $13,000 levels in particular. “The high of 2019 and the bottom of Q3 2020 could act as support level going forward,” the analyst says. He also stated that if Bitcoin breaks below these points, “$10,000 will be a major support level.” “$10,000 is not just a round number that psychologically attracts investors. It also acted as support before the last major exit in late 2020.”

market outlook

Independent crypto analyst Aguilar drew attention to chain pricing as the market bleeds due to the bankruptcy of FTX. Regarding the failure of the exchange, he said, “the market seems to be pricing in the most predictable defaults/contagions at the moment.” Referring to figures collected on November 15, “Despite a volatile week according to data from Coinglass, open investor interest in CME BTC futures increased slightly during the week. The volume exceeded 25 billion dollars. He took the $1.5 billion CME open position,” he added. The table below shows this activity:

“Despite the sale, investors still show appetite for Bitcoin,” Aguilar also emphasizes. The analyst cites payment data for CME Bitcoin futures, which shows that market participants trading these derivatives contracts expect them to fluctuate roughly between $16,000 and $17,000 for the rest of 2022 and early 2023. The chart below illustrates these expectations:

cryptocoin.comAs you follow, Bitcoin dropped to $ 15,872.94 on November 9, when FTX announced its bankruptcy. On-chain data shows that despite this decline, investors continue to buy.

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