Bitcoin
BTC$20 358.95

-1.33%

Ethereum
ETH$1 152.46

-1.93%

Tether
USDT$0.998816

-0.02%

USD Coin
USDC$1.000328

0.02%

Binance Coin
BNB$229.42

-1.07%

Binance USD
BUSD$0.999158

-0.18%

Bitcoin is unlikely to bottom so early and high


07 Jun 2022

#Bitcoin

Bitcoin rose 4.9% on Monday, ending at around $31.5K. However, on Tuesday morning, the first cryptocurrency collapsed 7% to $29.5K, the second such bear attack in the past seven days. Both were of similar magnitude, but the latter should have a more considerable negative effect. It more than offset Monday's gains and temporarily brought the price back to levels from May 30. The BTCUSD consolidation has been going on for more than a month.

Earlier it was formed as a triangle with decreasing amplitude of fluctuations, but since the end of last month, it became more like a sideways pattern, from which it makes several failed attempts to break upwards.

The market dynamics this Tuesday morning are a reminder that the market cannot now rally again as it did in 2020. Bitcoin's prolonged sideways slide is turning current prices into the norm, although current levels seemed like a good buy for the long term two months ago. 2018 and 2019 teach us that such consolidations can last for months and often lead to new selloffs from frustrated fast earners. In our view, the bitcoin bear market is not over yet, although it has made a significant part of its way down.

Bitcoin is unlikely to bottom so early and high

The market is full of rumours that short-term buyers have already capitulated, backed up by Kathy Wood. But the whole bear market rarely ends at this phase. Far more often, a bull market begins when medium-term investors and even some long-term investors capitulate, bringing stressed market professionals into play. It is unlikely to reach this point before the price returns to the highs of 2017. Bitcoin's short-term volatility is irrelevant, MicroStrategy CEO Michael Saylor said. He said BTC is the surest thing in a very volatile world and is more suited to long-term investment rather than trading.

According to a survey by The Economist, 37% of respondents in the world's leading economies are interested in having their governments adopt cryptocurrencies as legal tender.


Related

BTC Forecast from the President of El Salvador
BTC Forecast from the President of El Salvador
Bitcoin’s decline is oversold, but it’s too early to talk about a new rally
Bitcoin’s decline is oversold, but it’s too early to talk about a new rally
Bitcoin's continued collapse and furnace of fire for the crypto periphery
Bitcoin's continued collapse and furnace of fire for the crypto periphery
Loss of correlation with stocks will pave the way for crypto to portfolios
Loss of correlation with stocks will pave the way for crypto to portfolios
Bitcoin swings in a tight cage
Bitcoin swings in a tight cage
Bitcoin's pump or the start of a rise? America's opening will show us
Bitcoin's pump or the start of a rise? America's opening will show us
May Results: Bitcoin and Gold Fall, NordFX Traders Earn
May Results: Bitcoin and Gold Fall, NordFX Traders Earn
The lack of desperation in crypto for a real rally
The lack of desperation in crypto for a real rally
Is Bitcoin forming a reversal following stocks?
Is Bitcoin forming a reversal following stocks?

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 59.6% 92 $20 358.95 -1.33% -0.55% $388 446 303 368 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 55.2% 90 $1 152.46 -1.93% 4.48% $139 837 109 318 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $0.998816 -0.02% -0.02% $66 745 776 786 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000328 0.02% 0.03% $55 820 927 466 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58.4% 89 $229.42 -1.07% 5.78% $37 459 518 058 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $0.999158 -0.18% 0.06% $17 369 031 848 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 62% 80 $0.336907 -1.76% 4.22% $16 287 125 919 XRP 7 days price change
8 Cardano (ADA) ADA Cardano predictions 65.6% 75 $0.474957 -1.02% 1.44% $16 117 202 321 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 68% 66 $35.68 -4.55% 1.04% $12 230 152 580 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 61.6% 80 $0.067308 -3.10% 5.51% $8 929 753 009 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 63.2% 78 $7.42 -1.67% -1.75% $7 329 831 546 DOT 7 days price change
12 Dai (DAI) DAI Dai predictions 92% 1 $1.000154 0.06% 0.05% $6 718 496 522 DAI 7 days price change
13 TRON (TRX) TRX TRON predictions 55.6% 91 $0.066274 0.93% 2.59% $6 130 034 055 TRX 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 63.2% 74 $0.000010 -5.15% 3.23% $5 583 599 858 SHIB 7 days price change
15 UNUS SED LEO (LEO) LEO UNUS SED LEO predictions 76.8% 50 $5.74 -1.31% -1.91% $5 479 483 866 LEO 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.