Bitcoin BTC remained rigidly pegged at $19,000 until the weekly close on Oct. 16 as analysts warned that volatility was long overdue.
BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView
Analyst: BTC Volatility Is “A Matter Of Time”
Data from Cointelegraph Markets Pro and TradingView captured a lackluster weekend for BTC/USD, as the pair barely budged in after-hours trading.
After US economic data triggered a series of signature false events during the week, Bitcoin returned to its original position and, at the time of writing, showed no signs of breaking out of its established range.
For Michaël van de Poppe, founder and CEO of trading platform Eight, if it were a question of “not ‘if’, but ‘when'”, unpredictability would return to cryptocurrencies.
“A matter of time until massive volatility returns to the markets, after four months of consolidation,” he said. saying Twitter followers on the day.
“Most are still assuming that we will continue to go downhill with the markets, but I think the odds of a bullish push have increased.”
The week’s macro figures managed to spark a run to one-week highs for BTC/USD, with another popular commentator, Crypto’s Il Capo, holding that a bear market relief rally could lead to a return of $21,000 before it breaks. the decline will continue.
In a Twitter update before the weekly close, he revealed the belief that “the whole market” was about to win.
“The capitulation will happen, but not yet,” he said. additional in part of a subsequent discussion on market prospects.
With that, Bitcoin was in line to end the second week of “Uptober” down 1.5% compared to the start of the month, its worst performance since 2018 and well below its 40% gains in 2021.
BTC/USD monthly return chart (screenshot). Source: Coinglass
Stock cloud crypto future
Looking ahead, market participants looked to the ongoing correlation with equity markets as evidence that the short-term outlook for Bitcoin was anything but rosy.
Related: ‘No emotion’: Bitcoin metric gives $35K as next BTC macro price low
With the Nasdaq Composite Index seeing its first weekly close below the 200-period moving average in fourteen years, comparisons to the Dotcom Crash and the 2008 global financial crisis abounded on social media.
“This was a pivotal moment for the previous two 50-80% bear markets in 2000 and 2008,” Nicolas Merten, founder of the YouTube channel DataDash, commented in a post on the subject.
“Bitcoin has never seen anything like this, so expect a lot more pain to come.”
Nasdaq 100 index 1-week candlestick chart with 200MA. Source: TradingView
As Cointelegraph reported, not everyone was bearish beyond the short term, with LookIntoBitcoin creator Philip Swift calling the 2022 bear market by the end of the year.
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This post Bitcoin Holds On To $19K As Trader Promises Capitulation Will ‘Happen’
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