ApeWatcher News
  • Home
  • Advertise
  • Headlines
  • Crypto
    • News
    • Bitcoin
    • Ethereum
    • Altcoin
    • View All
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos
  • Listing Platform
  • BSC
  • CRO
  • ETH
  • BRC
  • Listing Platform
  • BSC
  • CRO
  • ETH
  • BRC
What's Hot

Veteran Trader Tone Vays Says Bitcoin Breakout Incoming, Forecasts Extended Rallies for Top Crypto Asset

March 27, 2023

Bitcoin Price and Ethereum Prediction: A Packed Week Ahead – Potential Breakout Catalysts for BTC and ETH

March 27, 2023

First Citizens to Buy Silicon Valley Bank’s Deposits, Loans in $55.5B Agreement With FDIC

March 27, 2023
Twitter Telegram
  • Listing Platform
  • Home
  • BSC
  • CRO
  • ETH
  • BRC
Advertise
Twitter Telegram
ApeWatcher News
  • Headlines
  • Crypto
    1. News
    2. Bitcoin
    3. Ethereum
    4. Altcoin
    5. View All

    Veteran Trader Tone Vays Says Bitcoin Breakout Incoming, Forecasts Extended Rallies for Top Crypto Asset

    March 27, 2023

    Bitcoin Price and Ethereum Prediction: A Packed Week Ahead – Potential Breakout Catalysts for BTC and ETH

    March 27, 2023

    First Citizens to Buy Silicon Valley Bank’s Deposits, Loans in $55.5B Agreement With FDIC

    March 27, 2023

    Number of Irretrievably Lost BTC Now 6 Million — Cane Island Manager

    March 27, 2023

    Veteran Trader Tone Vays Says Bitcoin Breakout Incoming, Forecasts Extended Rallies for Top Crypto Asset

    March 27, 2023

    XRP, LTC, XMR and AVAX show bullish signs as Bitcoin battles to hold $28K

    March 26, 2023

    Bitcoin is 1 week away from ‘confirming’ new bull market — analyst

    March 26, 2023

    Crypto Analyst Nicholas Merten Says Fed Money Printing Won’t Spark New Bitcoin (BTC) Rally – Here’s Why

    March 26, 2023

    Bitcoin and Ethereum Investors Are Not Flinching, US Pressure on Crypto Will Backfire: Chris Burniske

    March 26, 2023

    Euler Finance exploiter returns over 58,000 stolen Ether

    March 25, 2023

    Bitcoin likely to outperform all crypto assets following banking crisis, analyst explains

    March 24, 2023

    Heavyweight champ Oleksandr Usyk seeks to tokenize boxers’ careers

    March 24, 2023

    $4M ‘exit scam’ suspected as Kokomo Finance flies off radar, token plunges

    March 27, 2023

    Polkadot, Kusama and Cardano Leading Crypto Space in Terms of ‘Notable GitHub Activity’: Santiment

    March 25, 2023

    Cardano Creator Charles Hoskinson Says US Government Waging War on Crypto, Urges Industry Leaders To Step Up

    March 25, 2023

    Arbitrum Discord hacker shares phishing announcement amid airdrop hype

    March 25, 2023

    Veteran Trader Tone Vays Says Bitcoin Breakout Incoming, Forecasts Extended Rallies for Top Crypto Asset

    March 27, 2023

    Bitcoin Price and Ethereum Prediction: A Packed Week Ahead – Potential Breakout Catalysts for BTC and ETH

    March 27, 2023

    First Citizens to Buy Silicon Valley Bank’s Deposits, Loans in $55.5B Agreement With FDIC

    March 27, 2023

    Number of Irretrievably Lost BTC Now 6 Million — Cane Island Manager

    March 27, 2023
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos

    ⚠️Was It An Inside Job?⚠️ (The Fall Of NEXO)

    March 27, 2023

    Bitcoin $50k SOON (Why $1T is Coming to Crypto ASAP)

    March 26, 2023

    More Bank Runs Coming!? Which Ones Are At Risk!?

    March 26, 2023

    New *Leaked Email* Reveals Amazon’s SECRET Crypto Plan..😳

    March 26, 2023

    🔴 US Economy is headed for a "DISASTER of EPIC Proportion"! 🔴

    March 24, 2023
  • jeet-detector-botJDB(JDB)
    $0.00-0.61% 24H
    JDB
    24H : -0.61%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.000.820% 24H
    BITCOIN
    24H : 0.820%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.00-0.35% 24H
    ETHEREUM
    24H : -0.35%
    Volume : $0.00
    Marketcap : $0.00
  • usdex-stablecoinUSDEX(USDEX)
    $0.00-0.47% 24H
    USDEX
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.00-0.47% 24H
    TETHER
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.000.320% 24H
    BNB
    24H : 0.320%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSD Coin(USDC)
    $0.00-0.40% 24H
    USD COIN
    24H : -0.40%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-0.12% 24H
    XRP
    24H : -0.12%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.00-2.01% 24H
    CARDANO
    24H : -2.01%
    Volume : $0.00
    Marketcap : $0.00
  • staked-etherLido Staked Ether(STETH)
    $0.000.130% 24H
    LIDO STAKED ETHER
    24H : 0.130%
    Volume : $0.00
    Marketcap : $0.00
  • jeet-detector-botJDB(JDB)
    $0.00-0.61% 24H
    JDB
    24H : -0.61%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.000.820% 24H
    BITCOIN
    24H : 0.820%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.00-0.35% 24H
    ETHEREUM
    24H : -0.35%
    Volume : $0.00
    Marketcap : $0.00
  • usdex-stablecoinUSDEX(USDEX)
    $0.00-0.47% 24H
    USDEX
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.00-0.47% 24H
    TETHER
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.000.320% 24H
    BNB
    24H : 0.320%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSD Coin(USDC)
    $0.00-0.40% 24H
    USD COIN
    24H : -0.40%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-0.12% 24H
    XRP
    24H : -0.12%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.00-2.01% 24H
    CARDANO
    24H : -2.01%
    Volume : $0.00
    Marketcap : $0.00
  • staked-etherLido Staked Ether(STETH)
    $0.000.130% 24H
    LIDO STAKED ETHER
    24H : 0.130%
    Volume : $0.00
    Marketcap : $0.00
ApeWatcher News
Home » Analysts say Bitcoin range ‘consolidation’ is most likely until a ‘macro catalyst’ emerges
Bitcoin

Analysts say Bitcoin range ‘consolidation’ is most likely until a ‘macro catalyst’ emerges

Coin TelegraphBy Coin TelegraphJuly 11, 20222 ViewsNo Comments
Share
Facebook Twitter LinkedIn Pinterest Email

From a historical perspective, the loss in value realized across the cryptocurrency market over the past several months has been one for the record books and the total cryptocurrency market cap has declined from $3 trillion to $991 million. 

June was especially painful for investors after the price of Bitcoin (BTC) fell nearly 40% to mark one of its worst calendar months on record according to a recent report from cryptocurrency research firm Delphi Digital.

BTC/USD monthly candles vs. MoM% change. Source: Delphi Digital

In light of the strong market correction, a number of BTC price and on-chain metrics have begun to reach levels similar to those seen during previous market bottoms, but this doesn’t mean traders should expect a turnaround anytime soon because history shows that periods of weakness can drag on for months on end.

Macro headwinds weigh on BTC price

One of the most significant factors weighing on cryptocurrencies and other risk assets has been the strength of the United States Dollar.

DXY index YoY% change vs. BTC/USD price YoY% change. Source: Delphi Digital

Combined with rising inflation and falling economic indicators, DXY strength is a signal that an economic slowdown is all but inevitable, with forecasts now predicting a recession in early to mid-2023.

Against this backdrop, BTC now finds itself attempting to form a local bottom around the 2017 cycle high near $20,000, “the last clear structural support on the high timeframe bitcoin chart.”

BTC/USD price-performance 1-week chart. Source: Delphi Digital

This current cycle marks the first time in Bitcoin’s history that its price has fallen below the all-time high set during a previous bull market cycle. Should BTC fail to hold support near $20,000, Delphi Digital pointed to an expected “support around ~$15K, and then ~$9K to $12K if that level failed to hold.”

While those estimates may seem bleak, it should be noted that BTC price fell roughly 85% from peak to trough during each of the previous two major bear markets.

If the same were to occur during the current bear market cycle, that would put BTC at $10,000, marking another 50% drawdown from the current levels and falling in line with the 2018 to 2019 price range.

For this reason, analysts at Delphi Digital believe that “there’s still more pain ahead for risk assets.”

Related: Bitcoin risks new lows as $20K looms amid dollar euro parity

Where is the bottom?

The percentage of Bitcoin supply held in profit and Bitcoin’s realized profit/loss ratio are nearing levels seen during previous bear markets, but each has “a bit more room to go” before they reach their lows for this cycle according to Delphi Digital.

BTC/USD price vs. realized P/L ratio. Source: Delphi Digital

According to the firm, “momentum indicators and valuation metrics can remain oversold or undervalued for an extended period of time,” which makes them “poor timing tools” that are not capable of predicting immediate reversals.

Contrarian investors might also want to keep an eye on the market sentiment as well as the Fear and Greed Index which has now reached historic lows.

BTC/USD price vs. Fear and Greed Index. Source: Delphi Digital

When it comes to a potential move to the upside, Delphi Digital indicated that “BTC has room above due to the previous liquidation cascade in the wake of 3AC,” and identified the next major resistance level as $28,000.

Delphi Digital said,

“BTC will likely continue to consolidate until we get some kind of macro catalyst.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Read the full article here

Follow us on Google News to get the latest Updates

 
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Veteran Trader Tone Vays Says Bitcoin Breakout Incoming, Forecasts Extended Rallies for Top Crypto Asset

March 27, 2023

XRP, LTC, XMR and AVAX show bullish signs as Bitcoin battles to hold $28K

March 26, 2023

Bitcoin is 1 week away from ‘confirming’ new bull market — analyst

March 26, 2023

Crypto Analyst Nicholas Merten Says Fed Money Printing Won’t Spark New Bitcoin (BTC) Rally – Here’s Why

March 26, 2023

How does the economy work?

March 26, 2023

Bitcoin Could Be Entering New Bullish Phase, According to Analyst Who Called May 2021 BTC Crash

March 26, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Articles

Veteran Trader Tone Vays Says Bitcoin Breakout Incoming, Forecasts Extended Rallies for Top Crypto Asset

March 27, 2023

Bitcoin Price and Ethereum Prediction: A Packed Week Ahead – Potential Breakout Catalysts for BTC and ETH

March 27, 2023

First Citizens to Buy Silicon Valley Bank’s Deposits, Loans in $55.5B Agreement With FDIC

March 27, 2023
ApeWatcher News
Twitter Telegram
  • Privacy Policy
  • Sources
  • Terms and Conditions
  • Contact
  • Advertise
© 2023 Ape Watcher News

Type above and press Enter to search. Press Esc to cancel.