Builders rejoice: Experts explain why bear markets are good to Bitcoin

June 16, 2022

Bitcoin reaches $41.7K as Ethereum closes $3K Bitcoin ( BitcoinTC), saw an upbeat action during the Wall Street trading session of March 18, in line with predictions that higher levels would be retested. BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView Placed bets on $46,000 Data from Cointelegraph Markets Pro, TradingView showed that BTC/USD rose $1650 from daily lows to almost matching the $41,700 high in March 16. This move buoyed traders who started to strengthen their short-term view that levels near the top Bitcoin’s 2022 trading range were being challenged. Pentoshi, a popular trader, said that such a result did not indicate that BTC/USD has ended its downtrend. “Macro headwinds are still too strong, but midterm I think we rally before any shot at new or prev lows. He stated that he leans towards the up and down imo late Q2 to followers on Twitter. Cold feet over micro conditions became a major concern this week, according to Cointelegraph. There were multiple predictions for a major drawdown in major assets, including BTC, this year. Matthew Hyland, an analyst, noted that support was increasingly being offered by the $40,000 resistance.
It appears that #Bitcoin used previous resistance ($40.3k), as new support in the last few days Lets see if continues to rally: pic.twitter.com/PkkVYZ1LCG Matthew Hyland (@MatthewHyland_). March 18, 2022
Crypto Ed had previously provided a near term forecast of $43,000 BTC/USD, before a potential new consolidation period and then an exit up or down. He showed them breaking out of the “bull flag” formation they had been in for several days in a later update. However, Ether ( ETH) was the more interesting focus of the day.
#BTC Patience is a virtue, but finally breaking out of that bull flag pic.twitter.com/tCH9kVt7W6 — Ed_NL (@Crypto_Ed_NL) March 18, 2022
Bitcoin was at $41,500 as of the writing. Volatility is still high. All aboard for the summer “altseason?” Altcoins: The top ten cryptocurrencies ranked by market capital saw varied movements in March 18. Similar: Bitcoin could experience a $37.5K weekend drop before a ‘bigger movement’ next week — report Avalanche ( AVAX), and ETH led the list. They each climbed over 5% within 24 hours. However, other tokens were generally flat. The ETH/USD traded at $3,000, up 15% in the last week. ETH/USD 1-day candle chart (Bitstamp). Source: TradingView These moves rekindled talk about “altseason”, with many commentators calling for a new golden age for altcoins in coming months. Popular Twitter account BTCFuel suggested that the Summer could be a peak in prices.
2/ I will be using charts of #Bitcoin, #Ethereum, and the dominance #altcoins from the various past altseasons to determine when the next #altseason peak will occur. By aligning them “correctly” structure-wise, I found this provisional target zone when the peak should happen pic.twitter.com/8H1MyPONiF — BTCfuel (@BTCfuel) March 17, 2022

Experts believe that crypto winters are actually beneficial for Bitcoin because some key BTC projects such as the Lightning Network were created during bear markets.

Jon June 16, 2022

Jon

View More Posts

Opinion writer on 7trade7

Archives

Categories

Meta

Builders rejoice: Experts explain why bear markets are good to Bitcoin

Get The Latest News & Offers