Bitcoin (BTC) cannot fool anyone with its current behavior, it is showing a bearish trend everywhere. Also, only two days left until the annual closing. In this environment, its analysts share their claims for Bitcoin price.
Analyst, Bitcoin price target marks $10,000
TradingView information showed that Bitcoin (BTC) rallied above $16,600 at the Wall Street open after falling below $16,500 on the second day. BTC was not attractive to traders, many of whom feared a deeper pullback around the new year.
On the list of potential ‘surrender targets’, Crypto Tony expects $10,000 for Bitcoin price. It also reveals expectations for Ethereum (ETH) to drop as low as $300. In part of his comment, the analyst said, “Things are changing fast. But if we bump into these areas, I’ll start climbing stairs,” she says. In the middle, Daan Crypto Trades is putting the current spot price below a ‘must hold’ area for BTC bulls to shoot up.
“Bitcoin price structure is bad!”
“The whole market looks bad… The thing is, some altcoins look even worse,” continues Crypto Capo. In this context, the analyst claims that there will be losses of up to 90% in altcoins. Renowned commentator aQua comments:
In layman terms, the Long/Short ratio is positive for the first time since May. It means there are now more Longs than Shorts, OI and Financing are positive. That is, people are always betting that BTC will rise in the market. However, the price structure looks lousy. Also, it could easily be another local hill or base. You have to be careful!
“We will start another slow debut soon”
Blockware principal analyst Joe Burnett says that a painful period in Bitcoin history is slowly coming to an end. In this respect, he approaches from a slightly more hopeful perspective. The analyst makes the following statement:
Everyone is showing a bear trend. However, Bitcoin is still seeing the process with the price in June ($ 17.5 thousand). The mining division was destroyed. Also, multiple (BTC and ASICs) of weak hands have been liquidated. We’ll be starting another slow ascent soon.
“The bulls will either get this back now or never!”
Short-term BTC price action was reinforced by US equities, with the S&P 500 up 1.4% and the Nasdaq Composite Index up 2.1% in first-hour trading. The US dollar continued broader consolidation after two consecutive days of interest for the US Dollar Index (DXY). Entrepreneur Mark Cullen comments:
Bitcoin swept low/16.5k. It also filled the FVG and entered a 3rd driver with multiple 1-hour bull divergences. The bulls will either get it back now or never get it. If you lose the $16.2k level, the lowest level of the year will be under threat. This is in the middle, lower + DXY looks like it wants to bounce!
Just two days before the weekly, monthly, quarterly and annual close, BTC has lost nearly 60% of its value since the beginning of the year. Also, it dropped 3% for December and 14.2% in Q4.