For the popular Altcoin Sherpa trading account, current conditions promise a long period of uninspiring Bitcoin performance that could last well into 2022. “It’s going to take months to bite and accumulate once the bottom is found,” he told Twitter followers.
But others are hardly more optimistic. Deutsche Bank forecast this week that the price of bitcoin will rise to $28,000 by the end of the year.
According to an analysis by senior economist and bank market strategist Marion Laboure and research analyst Galina Pozdnyakova, the price of BTC will rise 38% from the current price of $20,329, considering how close it is to has been the top cryptocurrency in US stocks.
Both analysts said that cryptocurrencies have been correlated to benchmark indices such as the tech-heavy Nasdaq 100 and S&P 500 since November, citing that the S&P 500 is down 21% since the beginning of the year.
Traders are already expecting July to provide BTC price “catalysts”. There is very little bullish sentiment in the market, as evidenced by the “extreme fear” of the Cryptocurrency Fear and Greed Index, which is still firmly in control as reported by Cointelegraph.
“BTC will capitulate in the next 6 months and hit the bottom of the cycle (anywhere between $14,000-$21,000), then peak around $28,000-$40,000 in most of 2023 and will be at about $40,000 again by the next halvingVenturefounder, a contributing analyst at on-chain analytics platform CryptoQuant, summarized in part of a Twitter update on June 27.
Venturefounder’s thesis is indicative of a broader belief that bitcoin hasn’t bottomed out yet, and that any relief move is exactly that: distractions on the way to lower levels draining capital from market novices and investors. weak hands.
Expectations are that the first week of July could provide the next big bout of market volatility in cryptocurrencies and risk assets.
For Arthur Hayes, former CEO of derivatives giant BitMEX, the “stars” will align this week to punish hodlers once again.
In a blog post in early June, he noted that the US Federal Reserve’s rate hike and balance sheet shrinkage were the backdrop for a nightmare for risk assets. “By June 30 (end of the second quarter), the Fed will have enacted a 75 basis point rate hike and started to reduce its balance sheet. July 4 falls on a Monday, and is a bank and federal holiday. This is the perfect setting for another big cryptocurrency crash.Hayes warned. So a “wild ride to the downside” could be just days away.
Source: Ambito
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