Financial guru shocks Bitcoin forecast - are we still in a bear market?

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Bitcoin started the year bullish and pumped to $30,000. However, a financial strategist is now surprised with a bitter forecast: Bitcoin is still in the bear market – and the recent rally was just a few in the middle of the ongoing downtrend. Is Bitcoin headed for $12,000?

Does it still make sense to invest in Bitcoins?

The year got off to a strong start for crypto investors: After a slow 2022, the bulls finally started to trample again, and it looked like new all-time highs for BTC and Co. Then came the crucial $30,000 barrier – and since then Bitcoin has felt like it’s moving in slow motion mode. If you want to start: Buying Bitcoin with Paypal is one of the most practical options.

The digital asset has repeatedly failed at the $30k mark – much to the surprise of many investors and analysts, who were expecting much more momentum. BTC is currently trading at $25,828 after a 0.28% rise in the past 24 hours, well below annual highs of $30,490.

And now: The US Securities and Exchange Commission is suing the two industry heavyweights Binance and Coinbase – the top crypto exchanges are accused of, among other things, selling unlicensed securities. That’s right, securities: Many coins such as Solana (SOL), Cardano (ADA) or Binance Coin (BNB) are said to be securities (“securities”) and, in the absence of a license, are sold illegally by both. exchanges.

This is currently putting enormous pressure on the markets. Not only are investors unsure about further developments – companies are also hitting the brakes. Because at the moment everything seems possible.

Bitcoin – still a bear market?

As a result, forecasts are becoming more pessimistic. In a new analysis, Bloomberg’s chief analyst Mike McGlone even sees Bitcoin in a continued downturn – maybe BTC never left the 2022 bear market? Was the rally to $30,000 just a flash in the pan in the midst of the ongoing downturn? Here’s what McGlone suggests – in his estimation Bitcoin could be “in trouble”:

“Bitcoin was trading at around $7,000 in late 2019, ahead of the biggest liquidity pump in history, which could highlight the risk of a price reversal, even though the cryptocurrency benchmark is around $26,000 .”

Don’t Fight The Fed, Trend: Bitcoin, Stock Market Bounces – Signaling Consensus Thinks Worst Is Over, Recovering #Bitcoin and risky assets in 1H may put the crypto in a bad technical position at the beginning of June. Bitcoin is showing distinct weakness relative to equities in 2Q pic.twitter.com/oBDpLLiVBh
— Mike McGlone (@mikemcglone11) June 9, 2023

McGlone shows a chart showing the downtrend of Bitcoin’s 52-week moving average compared to the uptrend at the start of the pandemic. The Analyst:

“Cryptocurrency value went too cold in 2022 at around $15,000 and may have gone too hot in April at around $30,000.”

“Central bank tightening” is also a bearish factor – after all, the Fed has doubled down on monetary policy despite a bank run. But: Does Bitcoin really fall to $12,000, as leading trader CryptoCapo has been stressing for months?

some thoughts
I will continue to ignore the noise after this. pic.twitter.com/B4MFV2Bawb
— il Capo Of Crypto (@CryptoCapo_) February 17, 2023

That remains to be seen – how Binance and Coinbase fare against the SEC will likely be the deciding factor. The two companies are rivals. Anyone interested in promising coins that are predicted to perform strongly in the short to medium term could check out the new meme generator AiDoge (AI) – it broke records in the presale and is about to make its first exchange listing to have!

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Last updated on June 12, 2023