Bitcoin (BTC) Will Test $14K Mark Instead Of Skyrocketing, Analyst
Despite Bitcoin recording substantial gains in the last few days,
an analyst believes it’ll nosedive to $14k. Earlier this week, BTC
experienced rocky times before giving the bulls something to cheer
about. Despite the coin trading above its $20k resistance, popular
trader Il Capo of Crypto believes it won’t hold this position for
long. The general sentiments surrounding bitcoin are positive, and
investors are optimistic that the price will continue to rise.
However, there is a lot of uncertainty regarding how far the price
can go up. Related Reading: Bitcoin Bulls Snap Back With The
Bollinger Bands | BTCUSD Analysis October 5, 2022 Analyst Sees BTC
Nosediving To 14k Soon. Il Capo of Crypto, a popular crypto swing
trader with over 500k followers, shared some bearish sentiments
about the coin. In his 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.
Expecting the last leg up soon. Then ltf bearish signs, and
reversal to 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. It has also recorded a 1.48% decrease
in value since yesterday. The market cap of the cryptocurrency
stands at $383 billion. Other Experts Think Otherwise On October
4th – 5th, Bitcoin (BTC) demonstrated strength by surpassing the
$20,000 barrier after gaining 5% on the day. Some investors
speculate the market to rise to $28,000 after the move liquidated
$75 million in leverage short (bear) holdings. According to
Mustache, the declining channel continues to apply its pressure.
However, there may be sufficient strength to challenge the upper
channel trendline at $21,500. The price movement on October 4
coincided with better circumstances for global equities markets.
The S&P 500 index rose 3.1%, and the tech-heavy Nasdaq
Composite climbed 3.3% over the same time period. Surprisingly,
morale rose amid job opportunities in the United States falling by
1.1 million in August. The drop was the biggest since April 2020.
This indicates that the aggressive tightening of money by the U.S.
Federal Reserve could end sooner than expected. Bitcoin may have
broken the $20,000 barrier due to widespread optimism. However,
this does not mean institutional investors are satisfied with the
current price. What Next For Bitcoin It seems like Bitcoin is going
through a phase where it is consolidating. There is a possibility
that the price will fall back to $19,000 as the bears attempt to
take control. If this happens, we might see a retest of the $14,000
level, as Il Capo of Crypto suggested. Conversely, if the bulls
manage to push the price higher, we might witness another run
towards the $25,000 level. Related Reading: GMX Token, Arbitrum
Favorite Get Listed On Binance, What Next? Recent news like the
dollar DXY index drop and the Credit Suisse situation might help
keep the market bullish. We can only see where the pioneer crypto
moves in the coming days. Featured image from Pixabay and chart
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