Against the background of weak indicators of Wall Street, the BTC rate may fall to $ 29,000

Against the background of not very favorable news from Wall Street, bitcoin probably lost its bullish momentum.

Crypto analyst Mikael van de Poppe believes that after support levels refused to soften the initial fall of bitcoin, a hike to $ 29,000 is now likely:

“Bitcoin should hold around $31,000, then we can hope to test the $33,000 mark. If it doesn’t work out, BTC will quickly fall to $29,000.”

Cryptotrader with the nickname Crypto Tony is still sticking to its short-term goal of $22,000:

“For almost two months, my target is in the range of $22,000 to $24,000 and it will not change due to a small pump.”

Another trader with the nickname Blake noted the continued weakness of the performance of stocks, with which BTC closely correlates. Therefore, he urges not to believe that the bottom has already been reached:

“The situation with the S&P 500 index clearly demonstrates why I do not consider these days a good moment to buy BTC and other cryptocurrencies. I’ll wait, let the markets do their job.”

A trader with the nickname Filbfilb is trying to find positive nuances of the current situation and points to historical patterns during BTC halving cycles. According to him, the current exchange rate movement of BTC follows the historical trend and the scenario “the greatest losses happen before profits” remains in force. He analyzed that if the BTC/USD pair in November 2021 reached a maximum from the halving rate of 2020, then now about 6 months of bearish behavior is expected, and then a gradual recovery will begin.