A well-regarded commentator in the cryptocurrency space has recently sparked a discussion by suggesting that Bitcoin (BTC) may not achieve new record levels, indicating a potential shift in its long-standing trend. This perspective has added a unique angle to market deliberations, enriched further through updates shared via COINTURK. Now, the focus turns to how different experts view the current landscape of cryptocurrency.
What Do the Experts Forecast?
Previously, the crypto oracle identified a crucial moment when BTC slipped below its 350-day moving average of $102,800, remaining under this mark for two consecutive days. Roman Trading highlighted this breach as a key signal of BTC’s disrupted long-term momentum. Investors who took heed of these insights avoided a massive $30,000 dip in BTC’s valuation.
Recently, the commentator illustrated his insights with a fresh chart, stating:
“The bounce continues on the four-hour chart. All reasons for a bounce were identified, including an oversold RSI, oversold MACD, the formation of bullish waves, and nearing the 88,000 support. I don’t see this as a trend reversal but rather a relief bounce before the decline resumes.”
Is a Market Rebound on the Horizon?
If the prediction holds true, we might observe intensified selling following a failed rally close to $98,000. The forecast suggests sliding back to $88,000 with the possibility of dropping to around $70,000. However, reclaiming the $102,800 level would signify the preservation of the 18-month upward trajectory, with $107,000 potentially being the threshold for a new peak. Yet, unexpected factors, like a potential intervention by the Federal Reserve following moves by Japan in December, could cloud these predictions.
Lark Davis points out the critical nature of BTC’s monthly candlestick closures, sitting below the 50-week EMA but just above the 20-month EMA. The upcoming Federal Reserve meeting on December 10 and Japan’s rate decision expected on December 18 could sway the crypto market, particularly if bleak employment data doesn’t emerge. A monthly close below the 20M EMA would signal bearish times for Davis unless BTC holds above $92,000.
A Turkish analyst, Anlcnc1, emphasized the Coinbase Premium’s position at a slump unseen in nine months, indicating that unless this metric turns positive, a negative outlook may prevail.
“Yesterday, the Coinbase Premium Index hit nearly its most negative close in nine months. A turnaround is necessary; otherwise, positivity remains elusive.”
Key takeaways from the current analysis:
- BTC’s breach below its historical moving averages has been pivotal.
- Key support levels are under scrutiny, with $88,000 and $70,000 being crucial.
- Economic policies by the Fed and Japan are crucial determinants of BTC’s direction.
- Market conditions remain tentative amid growing global financial influences.
The ongoing evaluations offer a blend of cautious optimism and alertness, reflecting the complex nature of digital assets. Keeping an eye on broader economic trends and specific price thresholds remains essential for navigating these uncertain times.
