Bitcoin (BTC) remained tightly pegged at $19,000 during the weekly close of October 16 as analysts warned that volatility lay ahead.
Analyst: BTC volatility is a “matter of time”.
Data from Cointelegraph Markets Pro and TradingView showed a lackluster weekend for the BTC/USD pair, which barely moved outside of trading hours.
After economic data from the United States triggered a series of characteristic false alarms during the week, bitcoin returned to its initial position. As of this writing, it shows no sign of breaking out of the established range.
For Michaël Van de Poppe, founder and CEO of the trading platform Eight, it was a question of knowing not, but when the unpredictability would return to cryptocurrencies.
“It is only a matter of time before massive volatility returns to the markets, after four months of consolidation. “, is declared to his Twitter followers the same day, adding:
“The majority still assume that we will continue to go down with the markets, but I think the chances of bullish momentum have increased. »
The week’s macro numbers have been eyeing weekly highs for the BTC/USD pair, with another well-known analyst Il Capo of Crypto claiming that a bear market relief rally could allow the $21,000 to recover before the decline continues.
In an update posted to Twitter before the weekly shutdown, they reveal a belief that the “total market” was about to take gains.
“Submission will happen, but not yet. “, they have … added as part of a later discussion of the market outlook.
With that, bitcoin was in line with the end of the second week of “Uptober” down 1.5% since the beginning of the month, the worst performance since 2018 and far from its 40% gain in 2021.
Stock Cloud the Future of Crypto
Looking ahead, market participants viewed the continued correlation with stock markets as evidence that bitcoin’s near-term outlook was less than rosy.
ALSO READ: Next macro price threshold for bitcoin is $35,000, according to one metric
With the Nasdaq Composite Index posting its first weekly close below its 200-period moving average in fourteen years, comparisons between the dotcom bubble and the 2008 global financial crisis are drawing plenty on social media.
“It was a pivotal moment for the two previous bear markets of 50-80% in 2000 and 2008,” said Nicolas Merten, founder of the YouTube channel DataDash, in a post on the subject, adding:
“#Bitcoin has never experienced anything like this, so expect much more pain in the future. »
As Cointelegraph reported, not everyone was bearish beyond the near term, with LookIntoBitcoin creator Philip Swift calling time on the 2022 bear market by the end of the year.
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