Bitcoin (BTC), the sector’s biggest asset by market value, has struggled for some time to maintain support above $19,000, prompting crypto experts to attempt to forecast its future behaviour.
Kaleo, a prominent crypto trader and co-founder of LedgArt, has stated that Bitcoin’s link with the stock market might decrease. In a tweet on October 14, the analyst used technical analysis (TA) to compare the performance of the main cryptocurrency to that of other assets.
Based on Kaleo’s explanation: Bitcoin is on the approach of breaching a critical barrier in the lower accumulation range it has been trapped in for the previous four months.
The crypto researcher noted that this indicates the decentralized finance (DeFi) asset’s current activity “should give it a clean opportunity to surpass SPX back to the ratio’s all-time high and beyond in 2017.”
The analyst behind the Bitcoin Archive Twitter account reported on October 14 that Bitcoin volume in USDT has “gone parabolic” since August 1, while Bitcoin volume in USD seems to be approaching bull market levels.
In the meanwhile, the top market analyst of InTheMoneyStocks.com, Gareth Soloway, predicted that Bitcoin will likely correct to $3,500 in a “worst case scenario.” Interestingly, he also emphasized that the stock market divergence would not occur very soon.
Earlier, Solloway indicated his gloomy conviction that Bitcoin’s price may go “another step down to $12,000 to $13,000” because “when you see the dollar continuing to remain at 20-plus year highs and it continues to grind higher, it kills all risk assets.”
Bitcoin is presently trading at $19,598, up 3.10 percent on the day but down 1.93 percent over the previous seven days.
Coincidentally, Bitcoin’s market value was at $375.68 billion at press time, according to CoinMarketCap statistics obtained by Finbold on October 14.
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