Bitcoin price jumps to $21.8K but experts say it’s a fakeout


Traders are thrilled as the BTC price surges 7% to $21,800, but economists predict the macro slump will persist for the foreseeable future.

Numerous crypto investors are optimistic after the market saw significant price movement on July 7 with conventional market gains.

According to Harris Financial Group Managing Partner Jamie Cox, “the pressure on salaries may now have peaked” in light of a background of rising unemployment claims in the United States. According to Cox, a continuation of this pattern might result in “financial conditions that are sufficiently restrictive to permit the Fed to slow the pace of rate hikes.”

Data from Cointelegraph Markets Pro and TradingView indicate that after trading at around $20,400 for the rest of the day on July 7, the price of Bitcoin (BTC) increased by about 7 percent in the afternoon to reach a daily high of $21,860.

As crypto devotees strive to navigate the turbulent seas of the crypto winter in search of a market bottom, the following is what a number of experts expect for Bitcoin.

The trend is still down

“Roman” provided the following graphic on Twitter, stating, “Many are growing ecstatic and bullish since identical candle patterns have recurred over the last eight months.”

According to Roman, this is the latest in a series of fakeouts that will lead many traders to believe the bottom has been reached while, in fact, the trend remains bearish.

Roman said, “Volume decline inside a range is consolidation for trend continuation. Not to mention tens of thousands of inflows to exchanges before to each peak.”

An improvement over $23,000 would be constructive

Gilberto, a pseudonymous Twitter user, is also of the opinion that the trend remains strongly negative. He submitted the following graphic, observing that Bitcoin’s price just broke out of a pennant pattern. Gilberto said, “Bullish over $23,000, however, the daily trend is now bearish”

Crypto Tony, a market expert, published the following graphic that depicts a “worst-case scenario” in which Bitcoin’s price bottoms down at $12,000 if the current downward trend continues.

Crypto Tony said, “I do not believe the next impulse will begin until later next year, and a fresh bull run peak will not occur until 2024 or 2025. I have already invested at $22 to 24k and will increase if the price falls to $17 to 15k.”

Also Read: 142,000 BTC May Be Dumped Due To Creditors Eyeing MT. GOX

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