Bitcoin continues to stay below the critical $40,000 mark. With the corresponding consequences: investors leave the markets, analysts believe that a new collapse is possible. But there are also positive signals. What’s next for BTC and the crypto markets now?
Bitcoin: Trader expects a new all-time high
The main cryptocurrency has not been able to break out of its fixed range for months: Bitcoin seems to burst again and again, but rises only briefly and then retreats completely. For example, yesterday the crypto market cap fell around 4%, but today it rose 2% to $1.8 trillion. Investors are now reacting to the ongoing highs and lows and exiting the markets. This can be seen, for example, in trading volume or Google search queries for Bitcoin and Ethereum. They are currently at a 12-month low. Popular pseudonymous trader “GalaxyBTC” comments, “The market is doing its best to make it look like it’s over, to turn uncertain bulls into bears, and to confuse all participants.”
The market is doing its best to make it look like it’s over, turn insecure bulls into bears and upset everyone involved.
But in fact, it’s just a two-month period,
Fair enough, it’s not supposed to be easy.
— Galaxy (@galaxyBTC) April 27, 2022
In reality, however, this is only a two-month fluctuation range. The conclusion of the graphics expert: “I still believe that the next big move is that we [Allzeithoch] It is currently at $68,789 while BTC is trading at $39,350. The crypto lead currency should therefore appreciate by more than 74% to approach the highs. That sounds like a lot, but technical analyst Aurélien Ohayon (@AurelienOhayon on Twitter) also concedes: Bitcoin has been correcting since November 2021 due to falling stock markets. They are falling and the yield curve is almost in negative territory. However, Bitcoin has maintained its medium-term bullish structure (i.e. higher highs and higher lows) despite the fragility of the stock markets. The digital asset has a stronger effect – perhaps due to its ever-growing distribution.
Bitcoin before price explosion: Analyst sees ‘best buying opportunity in history’
Is the next bull run imminent?
Ohayon is therefore convinced: the next bull run is just around the corner – both for equities and for cryptocurrencies. According to him, the 2021 bull market was the breakout of the historic midline of the stock market’s ascending channel. The setback has just ended – and now the next bull run follows. His short-term goal for Bitcoin: $47,000. Will Clemente, one of the most cited on-chain analysts, is currently expressing similar optimism. According to Clemente, a new breed of buyers are currently hoarding BTC at these prices. This will lead to a decoupling of Bitcoin and the stock market. To support his thesis, Clemente compares two graphs: one shows how many bitcoins have not moved for a year. The other shows how far the Nasdaq is from its all-time high. Clemente: “What we’re seeing is that despite the Nasdaq falling about 20%, an all-time high of about 64% of the bitcoin supply in circulation hasn’t budged.” This shows that there is a committed base of long-term bitcoin believers using BTC as a store of value despite unprecedented uncertainty in global markets.
Markets record record capital inflows
Another factor also speaks in favor of a continuation of the bull run: the immense inflows of capital into BTC and Altcoins. For example, as reported by leading blockchain research firm Glassnode, venture capitalists have already invested $17 billion in cryptocurrencies in 2022 – with over 1,000 deals completed. “The highest average deal size this year was $4.5 million,” Glassnode said. The result: “Capital is flowing into BTC and Altcoins and creating the conditions for a strong recovery.” Exactly when Bitcoin will manage to break away from the stock market and trigger the predicted bull run – is it weeks or months?
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