Bitcoin 'economic bottom' not yet reached 'warns analyst as BTC price holds $ 30K

Bitcoin ‘economic bottom’ not yet reached ‘warns analyst as BTC price holds $ 30K – Mail Bonus

Bitcoin (BTC) failed to reach $ 31,000 by opening Wall Street on May 13 as new warnings predicted continued disadvantages.

BTC / USD 1 hour candlestick (bit stamp). Source: TradingView

Dollar falls, stocks rise at the end of the week

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD strengthened after reaching just under $ 31,000 earlier in the day.

US stock markets saw some relief, with the S&P 500 up 2.2% and the Nasdaq up 3.3% open.

The notable exception was Twitter shares, which at the time of writing were down 7.7% on the day, thanks to Elon Musk who delayed his takeover bid.

US Dollar Index (DXY) 1 hour candlestick. Source: TradingView

Along with the renewed stock strength came a declining US dollar, as the US dollar index (DXY) fell from a new twenty-year high and fell by 0.2% – an equal blessing for Bitcoin and risky assets elsewhere.

As optimism around Bitcoin slowly returned in the midst of the Terra LUNA explosion, some sources even claimed that it was far from certain that a deeper BTC price collapse would be avoided.

Among them were indicators for a chain analysis platform.

“This BTC rally might go on, but before you FOMO in, ask yourself what has fundamentally changed?” part of its latest Twitter update forward.

“IMO, the macroeconomic bottom has not come in yet.”

The accompanying order book card from the main stock exchange Binance showed moderate support below the quick price, but this is nevertheless small compared to the main wall at the lowest 24,000 dollars this week.

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

Equally cautious was HornHairs’ popular current account, which demanded a reclaim of up to $ 50,000 on the weekly chart to prevent submission.

“Until then, there is a real chance that we could chop and a dead cat bounced here for a few weeks in another bump down to 20 thousand dollars for the accumulation bottom,” tweeted recently. read.

As the Cointelegraph reported, another theory suggests that in order to preserve its 80% deduction from its all-time high, BTC / USD would need to dive to just $ 14,000.

Hayes: I would buy Bitcoin for $ 20,000, Ethereum for $ 1,300

As the dust settled in the markets this week, another voice reiterated its current concerns about a new meltdown.

Related: Canadian Bitcoin ETF adds 6.9K BTC in one day as GBTC discount goes down

In his latest blog post, which focused primarily on the LUNA phenomenon, Arthur Hayes, former CEO of the cryptocurrency derivative platform BitMEX, called for $ 20,000.

“Allow the cryptocurrency market time to recover after the bloodshed. That’s why it’s ridiculous to try to figure out legitimate price targets. But I’ll say this – given my macroeconomic view that more money will inevitably be printed, I’ll close my eyes and trust in the Lord, “he wrote.

“Therefore, I am a buyer of Bitcoin $ 20,000 and Ether $ 1,300. These points roughly correspond to the historical peak of each asset in the 2017/18 bull market.”

Hayes had previously called for $ 30,000 to reach in June, before the shaking began this week. For a long time, however, he had told readers to prepare for a long period of pain over cryptocurrencies as well as stocks.

By 2030, he said, Bitcoin should cost “millions“of dollars.

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