Bitcoin (BTC) lost bullish momentum at the opening of Wall Street on June 1 with U.S. stocks facing another day.
Zooming out, ‘nothing’ has changed
Data from Cointelegraph Markets Pro and TradingView found that the BTC / USD pair had a sharp decline in early trading, hitting $ 1,600 in three hours.
At the time of writing, the pair was trading around $ 30,400, bringing back the gains over the past few days.
For Cointelegraph contributor Michaël van de Poppe, the $ 29,000 threshold is now in the crosshairs after support levels of denial mitigated bitcoin’s initial decline.
“Very simple bitcoin needs to be kept here to test the $ 33,000 possible area,” he said. tweeted and BTC / USD hit $ 31,150.
“If not, it will dive fast enough towards $ 29,000.”
The bearish mood came as no surprise, despite the recent strength show and the trip to two – week highs.
For Tony’s popular trading account, longer – than – short – term targets remain firmly in place, with targets as low as $ 22,000.
My goal is $ 22,000 – $ 24,000 for almost two months now and that is not changing because of this small pump. Zooming out what has changed .. Nothing pic.twitter.com/eKNAyT2pO3
– CryptoTony (@CryptoTony__) June 1, 2022
$ BTC / $ USD – Update My goal is $ 22,000 – $ 24,000 for almost two months now and it’s not changing because of this little pump. Zoom in on what’s changed … Nothing pic.twitter.com/eKNAyT2pO3 – Cryptocurrency Tony (@CryptoTony__) June 1, 2022
Another account, Blake, noted a continuing weakness in stocks, which is highly correlated with bitcoin, as a sign of not believing that the bottom line was for cryptocurrencies.
“This SPX situation is a big part of why I don’t think this is time to buy the‘ float ’for cryptocurrency, including bitcoin,” he said. said for his fans during the day.
“I’m going to let the markets do their job for a while …”
The S&P 500 fell 1.1% after the first three trading hours, as did the Nasdaq Composite Index.
Half the “hopium” is served
In trying to find more positive chart patterns, Filbfilb, co – founder of the Decenttrader trading series, pointed to historical patterns observed during bitcoin segmentation cycles.
READ ALSO: Bitcoin Could Reach $ 14,000 in 2022, But BTC Buying Now ‘As Good As It Gets’: Analyst
The current price action, he said, is still following the normal trend of bitcoin, suggesting that the pain pre-gain scenario is now also playing out.
If BTC / USD had reached the farthest point from its 2020 half price in November 2021, he analyzed, then it would have about another six months of bearish behavior before bouncing back in towards the next half, which is scheduled for May 2024.
Bear end correction on the same basis should be in place by 2024 in half as it would not be done until Q1 2023.
The cycle would then look like this assuming we hit the returns at the bottom of the previous cycle as mentioned above sometime in 2025.https: //t.co/3IqwyDs88c
– filbfilb (@filbfilb) June 1, 2022
The downside correction would end on the same basis in half before 2024, meaning that the correction will not be over until the first quarter of 2023. After that, the cycle would look like this, assuming that we will reach the returns. of the previous cycle, as mentioned above, at some point in 2025.https: //t.co/3IqwyDs88c – filbfilb (@filbfilb) June 1, 2022
However, Filbfilb warned that there was more “hopium” in this theory than had been predicted.
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