- LookIntoBitcoin creator, Philip Swift has predicted that the 2022 bear market could continue till the end of the year.
- There have been several characteristic fakeout events over the week following the United States economic data with Bitcoin bouncing back to its original position.
Bitcoin is currently trading at $19,273 after recording a 24-hour positive movement of 0.47 percent. While investors are caught up in decision-making challenges over whether the asset could break key resistance levels to hit $30k or break support levels to hit $14k, analysts have observed that volatility was long overdue. Bitcoin barely moved in out-of-hours trading during the weekends.
There have been several characteristic fakeout events over the week following the United States economic data with Bitcoin bouncing back to its original position. The asset has shown no sign of leaving the range according to Cointelegraph Markets Pro and TradingView data.
According to Michaël van de Poppe, founder, and CEO of trading platform Eight, the majority of the community members believe that the downhill could continue in the crypto market, however, the odds of upward momentum have increased.
Matter of time until massive volatility is going to kick back into the markets, after four months of consolidation.
Another popular crypto trader, the pseudonymous il Capo of Crypto, has also predicted that Bitcoin could continue its downside but could witness a $21k trading price in a bear market relief rally. According to them, capitulation would happen, but not yet.
Bitcoin bear market could continue till the end of the year – Philip Swift
Analysts have also observed an ongoing correlation with the stock market as Nicolas Merten, founder of the YouTube channel DataDash believes that there is “more pain to come.”
It is important to note that the Nasdaq Composite Index is experiencing a weekly close below the 200-period moving average, it’s first in fourteen years. This has been likened to the dotcom crash and the 2008 Global Financial Crisis.
#bitcoin has never lived through something like this, so expect much more pain to come.
LookIntoBitcoin creator, Philip Swift has also predicted that the 2022 bear market could continue till the end of the year. He stated that several key metrics on LookIntoBitcoin indicate that the market is at a major cycle low. Swift disclosed that the percentage of long-term holders has peaked (1yr HODL Wave). Metrics like RHODL Ratio have also dipped into accumulation zones, indicating the extent to which euphoria has been drained from the market.
A popular Twitter trader identified as Alan has disclosed that the current market trend is mimicking the previous cycles. While assessing the one-month stochastic chart for BTC/USD, Alan observed that Bitcoin is repeating the 2014 and 2018 bearish structure.
Bitcoin forms a Flag over the previous Flag configuration. Yellow zone form Stochastic indicator shows (at least) the second half of the flag, where we are right now.
According to him, a quick rebound always follows a dip.