On Monday, along with rising risk appetite in global markets, buying interest in cryptocurrencies returned. The cryptocurrency fear and greed index added 9 points to 25 overnight. This is still an area of extreme fear, but recent dynamics of the largest coins indicate that this is now the moment for investors with increased risk appetite to enter. BTCUSD has added 4.9% in the last 24 hours, trading just above the $51K level.
The RSI on the daily candlestick charts has retreated from below 30 (oversold area). The price has found support from buyers at the important 200-day moving average. This is a strong signal for many participants that the whole market stays in a long-term bullish phase.
But so far, we see very cautious buying, which is creating doubts. A better signal would be a sharp move up, crossing this line, as in July and October this year and before that in April 2020. This is quite an optimistic scenario for bitcoin, where it gets sustained bullish support, preventing it from descending into an uncontrollable fall.
The pessimistic scenario for bitcoin, and the entire cryptocurrency market, assume a bullish/bearish sentiment tied to 4-year halving cycles. The previous two bear markets came in 2014 and 2018, giving speculators a good shake out of that train and leaving only the most resilient crypto enthusiasts. A sharp reversal to the downside after a dizzying rise came in late 2013 and 2017 and lasted about a year. This suggests a high risk of reversal at the end of 2021. From peak to bottom in 2013-2014, BTC lost more than 70%, and in 2017-2018 – 85%.
A repetition of these scales sets BTCUSD up for a pullback in the 10-20k range. In our view, even a decline to 20k - the highs of the previous cycle - looks like a very pessimistic scenario for now. But it may well materialise under a negative set of circumstances, though it is bound to attract the interest of long-term buyers. Bitcoin needs to pass several checkpoints before we seriously consider such a scenario. The first one is the 200-day moving average (currently at 48k). Confirmation we will get on the decline under $40K, the level of previous local lows.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||86.8%||12||$27 080.57||0.50%||1.41%||$525 120 984 052|
|2||ETH||Ethereum predictions||90.8%||5||$1 893.90||1.22%||3.85%||$227 727 252 078|
|3||USDT||Tether predictions||94.4%||1||$1.000298||0.02%||0%||$83 274 522 418|
|4||BNB||Binance Coin predictions||90.4%||3||$306.98||0.53%||0.34%||$47 844 502 244|
|5||USDC||USD Coin predictions||93.2%||1||$1.000012||0%||0%||$28 940 996 302|
|6||XRP||XRP predictions||76.4%||40||$0.518733||2.48%||12.36%||$26 965 484 878|
|7||ADA||Cardano predictions||90.8%||7||$0.375804||2.71%||4.65%||$13 110 576 749|
|8||STETH||Lido stETH predictions||94%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|9||DOGE||Dogecoin predictions||85.6%||14||$0.072136||0.28%||2.18%||$10 070 286 642|
|10||SOL||Solana predictions||83.2%||27||$21.12||2.00%||9.24%||$8 375 768 500|
|11||MATIC||Polygon predictions||79.6%||31||$0.897462||0.39%||-0.66%||$8 327 966 768|
|12||WTRX||Wrapped TRON predictions||80.4%||36||$0.076148||1.38%||-0.10%||$7 742 460 822|
|13||TRX||TRON predictions||80.4%||35||$0.076534||1.77%||0.53%||$6 903 793 375|
|14||LTC||Litecoin predictions||79.2%||38||$94.27||-0.39%||8.09%||$6 887 309 688|
|15||DOT||Polkadot predictions||88.4%||8||$5.23||-0.18%||0.15%||$6 226 557 990|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 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.