Rising hopes were crushed once again as Bitcoin failed to keep a head above the $20k zone. Speculations from investors who believe the bear market would be a thing of the past looks less unlikely, with Bitcoin having over $2,00 erased from its spot price.
Currently, at a new weekly low of $18,740, the leading digital asset is still on a large-scale free fall. TradingView shows that the cryptocurrency went as low as $18,470 in the early hours.
Bitcoin's dive appears to mirror the stock market, which declined after an initial move to the upside at the Wall Street Open. Also, the Nasdaq Composite Index held a 0.25% gain while S&P 500 had a 0.25% loss.
Opinions on Bear Market Momentum
There are different opinions on when the bear market would take a bow - if it happened in Q4. Nonetheless, many trading analysts believe the crypto market will remain in decline for a while.
STACK's podcast host, Luke Martin, has drawn attention to the similarities between Bitcoin's reaction after hitting an all-time high in 2017 and its current momentum.
In the comparative chart shared on Twitter, he pointed out that Bitcoin bears remained for 365 days after gleaning an all-time high — the current bear length is 322 days.
Another Crypto analyst with the username @recjtcapital expects Bitcoin to play under the $19,800 level as it approaches a monthly close.
However, a popular crypto enthusiast and trader on Twitter, Il Capo of Crypto, has a contrary view of the crypto market. He expects a more obvious uptrend momentum during Q4. However, he did acknowledge the possibilities of newer lows before a parabolic swing to the upside.
Pseudonymous Crypto Analyst Predicts Massive Bitcoin Rally
In a tweet made to his over 330k Twitter followers, a popular trading strategist known as Credible has predicted a massive Bitcoin pump.
According to his revelation, Bitcoin is about to complete a major correction that would send the rocket's leading crypto asset to a 6-figure value.
“While we have gone lower than expected in terms of price, macro invalidation hasn’t been hit ($14,000) and time-wise we are still right on track for our fifth wave, despite what it may seem. Time-wise, wave four correction is proportional to third wave, just as wave two was to first wave.”
Credible is acclaimed for his mastery of the Elliott Wave theory, an advanced technical analysis strategy that interprets crowd psychology and its relative effect on future prices. The theory stipulates that a major uptrend would follow after five waves. While waves one, three, and five are expected to be an upswing, the rest would be more of the corrective movement.
If it plays out, Credible's prediction would ultimately see Bitcoin rocket to the $150,000 zone. He likened the possibility to the covid crash in 2020, where the asset ended up at 20 times its value.
However, as Newsvot previously reported, there is heavy pressure on crypto assets as the United States Federal Reserve isn't trying to halt the hike in interest rates yet.