Bitcoin

Bitcoin (BTC) Price Might See Heavy Downtrend In November/December 2022, Here Are Levels To Watch

Author: Qadir AK

Qadir AK right arrow

Author

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

  • author facebook
  • author twitter
  • linkedin

Bitcoin’s four-year halving cycle is one of the favorite topics to be talked about among crypto traders and investors.

In 2021, the Bitcoin price was predicted to reach $100,000 but the currency failed. Hence most crypto analysts are now thinking about how Bitcoin performs in the next 6 to 12 months.

At the moment, Bitcoin is trading below $40,000 and many technical analysis metrics indicate more downside for the currency.

A crypto analyst and a pseudonymous Twitter user known as Wolves of Crypto, while in discussion regarding the general prospects of the four-year cycle theory, the analyst asserts that Bitcoin is expected to experience a more bearish pull in November/December 2022.

On the other hand, another crypto analyst known as Willy Woo is of the opinion that Bitcoin’s bottom could be seen before the end of 2022. He put forth his point via a chart that suggests that Bitcoin is a bit undervalued here.

Also Read : How Will Crypto-Market React To the Next FOMC Meeting Held On May 3rd & 4th?

As per the chart mentioned above, each time when the oscillator dropped against the current reading, the price of Bitcoin entered a massive rally zone shortly thereafter. Hence, Willo Woo suggests traders to wait for the long-term.

Also Read : This is How Ethereum (ETH) Price Is Set To Perform In The Coming Week

Futures Data Indicates A Massive Pull For Whole Crypto Market

Today the global cryptocurrency market cap is yet again being dragged by the bears positioning at $1.77 trillion with a downfall of 2.26% over the last 24hrs. The major contribution to this downtrend is Bitcoin whose price has once again fallen below $40,000 and Ethereum declining below $3,000.

It’s just not BTC & ETH, in fact, the entire crypto market is under a bearish cycle where the crypto market’s aggregate capitalization reveals that there is a loss of 3.5% over the last seven days among these the prominent losers were an 18.8% loss from XRP, 10.2% loss from Cardano and 9.7% decrease from Polkadot.

Meanwhile, ApeCoin has shown a considerable gain where it rallied 44% due to the upcoming Otherside metaverse land auction scheduled for April 30.

However, Futures data and decreased demand for Tether are pointing toward a downfall for the entire crypto market.

Show More

Was this writing helpful?

No Yes

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Related Articles

Back to top button