Despite Bitcoin recording substantial gains in the last few days, an analyst believes it’ll nosedive to $14k. BTC went through some difficult times this week before the bulls had something to celebrate. Popular trader Trader X still managed to get BTC trading over its $20k resistance. Il Capo of Crypto believes it won’t hold this position for long.
Bitcoin investors feel positive about the future and are confident that it will increase in price. It is not clear how much the price could go up.
BTCUSD Analysis October 5, 20,22| BTCUSD Analysis October 5, 2022
BTC analyst sees BTC nosediving up to 14k within the next few days.
Il Capo of Crypto is a crypto swing trader who has over 500k followers and shared his bearish views on the coin. He shared his concerns about the coin in tweet on October 5th, he mentioned that Bitcoin would reach a local top between $20,400 – $20,100. After that, it’ll show bearish signs and tip over to new lows.
20500-21000 hasn’t been touched and there’s no ltf distribution. We expect the final leg up to occur soon. Last leg up: ltf bearish signals, and then a reversal at new lows (14k-16k). – Il Capo of Crypto.
As of writing, Bitcoin still hasn’t crossed the $21.4k mark and is currently trading at $20,035. Bitcoin has seen a decrease of 1.48% in its value over the past 24 hours. At $383 billion, the market cap for cryptocurrency is.
Another Expert Thinks Different
On October 4th – 5th, Bitcoin (BTC) demonstrated strength by surpassing the $20,000 barrier after gaining 5% on the day. Some investors speculateThe market is expected to reach $28,000 following the sale of 75 million dollars in leverage short (bear), assets. According to MustacheHowever, this channel is still under pressure. There may still be enough strength to overcome the trendline of $21,500 for the top channel.
Prices moved on October 4, in line with improving global equities market conditions. The S&P 500 index rose 3.1%, and the tech-heavy Nasdaq Composite climbed 3.3% over the same time period.
Surprisingly morale actually rose in America amid increased job opportunitiesFalling by 1.1 MillionIt was August. It was the greatest drop in value since April 2020. The U.S. Federal Reserve may be ending its aggressive money tightening sooner than anticipated. Because of widespread optimism, Bitcoin could have broken through the $20,000 barrier. But, institutional investors may not be happy with current prices.TradingView.com – BTCUSD chart
The Next Step for Bitcoin
Bitcoin seems to be in a consolidation phase. The bears may attempt to take full control of Bitcoin and cause the price to fall to $19,000. As Il Capo suggested, if this occurs, there might be a retest at the $14,000 mark. However, the bulls might push the price up, and we could see another move towards the $25,000 threshold.
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The dollar is the most recent news DXY index dropsThe Credit Suisse situationThis could help to keep the market bullish. Only time will tell if the crypto pioneers move in the next days.
Featured image by Pixabay, chart from TradingView.com