Bitcoin macro bottom ‘not in yet’ warns analyst as BTC price holds $30K

Bitcoin (BTC), which failed to secure $31,000 at the Wall Street Open on May 13, was not able to do so, as new warnings foresaw a continuation of the downside.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Stocks rebound at week’s close, dollar falls

Cointelegraph Markets Pro and TradingView data showed that BTC/USD was consolidating after it reached just below $31,000 earlier in the day.

The United States stock markets experienced some relief with the S&P 500 rising 2.2% and the Nasdaq increasing 3.3% at the open.

Twitter stock was the notable exception, trading down 7.7% due to Elon Musk’s delay in his takeover bid.

U.S. dollar index (DXY), 1-hour candle chart Source: TradingView

Parallel to the renewed strength in equities, the U.S. Dollar index (DXY), fell 0.2% to new twenty-year highs. This is traditionally a boon to Bitcoin and other risk assets.

$DXY – Finally, there is some chance of a pullback. This would be good news for #Bitcoin as well as #Stocks. It’s too early to say, but it’s better that seeing another green candle. pic.twitter.com/WZ3vSUwZsd
— IncomeSharks (@IncomeSharks), May 13, 2022

Despite the Terra LUNA disaster, optimism about Bitcoin gradually returned amid a resurgence of interest. However, sources claimed that it was not certain that a deeper crash in Bitcoin prices would occur.

Material Indicators, an on-chain analytics platform, was one of them.

“This rally in Bitcoin could continue. But before you FOMO in ask yourself what fundamentally has changed.” It stated this in its most recent Twitter update.

“IMO, the macro bottom has not yet reached.”

A Binance order book chart that was attached showed moderate support below the spot price. However, it is still a small amount compared to the main wall at $24,000 this week.

BTC/USD order books data (Binance). Source: Material Indicators/Twitter

Popular trading account HornHairs was equally suspicious. They demanded a maximum of $50,000 on the weekly chart in order to avoid a capitulation.

A tweet said, “Until then there is a real possibility we could chop around and dead cat bounce here for several weeks into another flush down at $20k for accumulation bottom.”

Cointelegraph reported that another theory claimed that BTC/USD should dive to $14,000. This would allow it to continue its tradition of 80% drawdowns after all-time highs.

Hayes: I would purchase Bitcoin at $20,000 and Ethereum at $1,300

Another voice reiterated his concerns about a new meltdown as markets settled this week.

Related: Canadian Bitcoin ETF adds 6.9K BTC within a single day, as GBTC discounts hit record low

Arthur Hayes, the former CEO of BitMEX crypto derivatives platform, called for $20,000.

“The bloodletting must end so that the crypto capital markets can heal. It is therefore absurd to try to determine legitimate price targets. “But I will say this: Given my macro view of the inevitability that more money will be printed, I’ll close my eyes and put my trust in the Lord,” he wrote.

“I am therefore a buyer of Bitcoin $20,000 and Ether $11,300. These levels correspond roughly to the all time highs for each asset in the 2017/18 bullmarket.

Hayes had called for $30,000 in June before the week’s shakeup. However, Hayes had previously advised readers to expect a prolonged period of pain in crypto-assets as well as stocks.

He predicted that Bitcoin would be worth “in the millions” by 2030.

com. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/bitcoin-macro-bottom-not-in-yet-warns-analyst-as-btc-price-holds-30k

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