Wednesday, December 7, 2022

Is Bitcoin Set For Another Poor Show At Weekly Close?

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After having a dismal weekly close the last time around, there seem to be no signs of a recovery for Bitcoin. Analyst predictions suggest there could be yet another dip in Bitcoin price before the close.

Historical Trend Broke Last Week

At the close of last week, Bitcoin finished below the 200 weekly moving average for the first time since March 2020. More importantly, Bitcoin’s price still continues to trade below the important mark of around $22,500. Failing to reclaim the mark could mean Bitcoin will eventually break the next support level, which is around $16,000.

The next Bitcoin low could be around $16,000, which is based on Bitcoin’s historical weekly moving averages data. According to Emmy, a crypto trader by the name on Twitter, Bitcoin could reach the $16,450 level.

Emmy believes Bitcoin needs to retrace to the $26,000 by end of this month to signal any buyer strength. Also, the 200-weekly simple moving average (SMA) has to be broken if Bitcoin were to show any positive momentum.

“Right now I am not seeing any change to my prediction that Bitcoin will drop to around $16,450. Bulls need to reclaim weekly 200 SMA at a minimum to show any buyer strength. If we close June at $26,000, it means bulls are back.”

End Of Bear Run In Sight?

As per analysis by Savvythe1, the current bearish trends are yet to be overcome. As more people enter the market, each run will extend longer, he explains.

“I believe we have not completed this run and entered a bear market as most are assuming. I do hold weight to the ideals that each run will extend longer as more consumers enter the market and raise the overall market cap.”

Meanwhile, Bitcoin price is yet to regain the $21,000 mark in close to 36 hours now. As of writing, BTC is trading at $20,590, up 1.36% in the last 24 hours, according to CoinMarketCap.

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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