Reading time: ~2 m
Crypto analyst Kevin Swenson decided to warn BTC traders, saying that the asset showed a serious bearish signal.
According to him, at the moment, BTC is below the critical support zone that has held the bullish market sentiment since the end of 2020:
“Bitcoin has a breakdown of the macrotrend, which is a sign of weakness. In the case of such a structure, traders conduct sales on rebounds. Most likely, for several months we are waiting for a sideways or a decline in search of the bottom”
Although the analyst’s mood is bearish, he does not believe that the BTC rate will show a straight-line fall. In his opinion, bitcoin will be traded in a certain range, demonstrating a volatile exchange rate movement:
“Some market participants panic and believe that a large pump or dump awaits him, but I am inclined to sideways volatility. For some time, the rate may remain at low levels. I expect such behavior from BTC and the crypto market until the next halving.”
As you know, the next BTC halving will take place in the first half of 2024.
Recently, Swanson noted a serious increase in BTC volumes on coinbase’s weekly chart, which is why the asset may temporarily form a bottom. But there is still a high probability of the dependence of BTC’s behavior on the indicators of the US stock market:
“If the S&P 500 index shows a decline and testing of lows, then it is possible with some probability to predict the march of bitcoin to the range of $ 20,000 – $ 22,000”
#Cryptanalyst #believes #bitcoin #middle #downward #macro #trend
