Prices in the cryptocurrency market are currently falling completely. However, traders continue to expect the price of bitcoin (BTC) to exceed the $ 100,000 mark. However, a closer look at the BTC chart suggests that a more significant bearish move will first occur.
A combination of factors behind the decline
The end tuiteam terra It has been repeatedly considered the main source of price declines in the digital asset market. However, analysts believe that this is not the only factor playing against the market. It really would a combination of factors which is believed to be the cause of the current bear market.
As can be seen in the chart above, previous cycles have seen the peak of BTC followed by a price decline that first broke below the 50 – day moving average (MA) and then peaked cap event. the price pushed below the 200-day MA. The lack of a real bullish crop in a recent cycle has upset traders.
Faced with falling market prices, traders also questioned the the validity of the stock-to-flow model after BTC failed to reach $ 100,000 by the end of 2021.
Bitcoin is declining sharply
Professionals believe the market is not yet established. He will be in November or December, they think. In fact, in previous cycles, each low point in the cycle was reached approximately 17 to 18 months before the next split into two. Another half of BTC is expected to happen on May 5, 2024, which really implies that the market will be upside down in November or December 2022.
When it comes to price forecasts, there is much less consensus about BTC’s underperformance over the last cycle in which most traders were waiting for the $ 100,000 mark. Meanwhile, traders are still expecting that BTC crosses this milestone in the near future.
For professionals, the decline in bitcoin (BTC) is not yet at its peak. We still have to wait a few months for that to happen. Taking into account the related graphs as well as the market situation, they estimate that the real decline will occur from November or December.
Source: Cointelegraph
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