Friday, December 2, 2022

Bitcoin To Bounce At This Level Next, Top Trader Predicts

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Bitcoin price has been hovering around the $24,000 mark on Monday, causing a lot of turbulence in the crypto market. A majority of coins have been impacted thanks to the Bitcoin price freefall.

While many in the crypto space believe the Bitcoin bottom is around the corner, top traders predict otherwise. Some analysts even go to the extent of predicting a Bitcoin low around $19,000 in the current cycle.

Crypto Low Prediction

A crypto enthusiast ‘Bull of Binance Street’ told his followership of over 3 lakh about crypto hitting lows. Earlier this year in April, he predicted the next bottoms for Bitcoin, Ethereum and BNB token. His first call of Bitcoin reaching between $22,000 and $25,000 turned right on Monday.

The other two predictions were of Ethereum touching $800 to $1,200 levels and BNB reaching $40 to $80 levels.  While they are yet to be realized as of now, it is not too far from realizing given the current prices and the selling pattern.

As of writing, Ethereum is trading at $1,232, down over 18% in the last 24 hours, according to CoinMarketCap. On the other side, BNB is currently trading at $225, which is quite far from the $80 levels.

Bitcoin Bounce Levels

In a latest, the Bull of Binance Street made a new prediction on the new Bitcoin bounce level. As of writing, Bitcoin is trading at $23,485, down by around 16.25% in the last 24 hours.

The trader expects Bitcoin to bounce at the $22,000 level. “I think 22,700 we should bounce on $BTC.”

Meanwhile some traders also believe a new bounce back level of $19,500 is likely in this cycle. Katie Stockton,  founder and managing partner of Fairlead Strategies predicts Bitcoin’s next support price to be $19,500. She told CNBC about this,

“The next support is roughly $19,500 for #Bitcoin and we do think it’s doable as part of this cycle. It would be a natural place for a bottom to be discovered.”

Going by the ongoing trend of selling crypto, Bitcoin reaching the $22,000 level is a possibility. But, it remains to be seen if BTC further falls to below $20,000 mark.

Also, another crypto trader by name ‘Rekt Capital’ predicts the next Bitcoin low to be either around $19,000 or $15,500. His prediction is based on Bitcoin’s historical data on weekly moving averages.

“Historically, Bitcoin tends to wick -14% to -28% below the 200-week moving average. A -14% wick this time around would translate to a ~$19,000 BTC. A -28% wick would mean Bitcoin could reach as low as ~$15,500 before reversing to the upside.”

A new Bitcoin low of $15,500, if it were to realize, could prove be disastrous to the altcoin market too.

Anvesh reports major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach out at anvesh (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.



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