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Will Bitcoin Fall to $ 13,000?

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Ufuk Korcan

Fear, lies, intrigue, sadness, happiness, enthusiasm, uncertainty … Here is a market where all this happens at the same time or at different times: Crypto. The lack of global regulation increases the magnitude of fluctuations in the cryptocurrency market. The value of an asset can suddenly become “junk” with sudden development or even gossip, or it can fly with a “rocket”. That is why we always say that you should be very careful while investing in these assets, where the risk is very high, and that you should allocate a small amount in your total savings that you will not need.

1000 dollars up to 50

Especially in the short term, you can see those in your inner circle who want to make a lot of money, take risks with large sums, and lose what they have. Not much, exactly a year ago at this time … Bitcoin was trading at $ 52,000. The majority of the market was expecting a new rally and there was talk of $ 100,000 levels. In the first week of November, Bitcoin broke through 65,000 levels and saw its all-time high. But it was not possible to reach the expected level of 100 thousand dollars and the decline began. Today, Bitcoin is trying to hold above the $ 20,000 level. While Bitcoin’s value fell by 70 percent in 9 months, losses in some altcoins were more than 95 percent. In other words, the present value of the $ 1000 investment has dropped to $ 50.

The FUD frenzy doesn’t slow down

The concept of FUD, which consists of the initials of the English words fear (fear), uncertainty (uncertainty), doubt (doubt), used in the cryptocurrency markets, has recently been very influential on prices. We saw the latest example of this on Avax. A site called Cryptoleaks has published statements about Avalanche and the US law firm Roche Freedman, which include tapes of Roche Freedman co-founder Kyle Roche.

Busy agenda in the markets

Allegedly, Roche filed lawsuit so Avax could outrun its competitors. The Binance boss also supported these claims by tweeting, but later deleted this post. The Ava Labs front, on the other hand, strongly denied these claims. So, as I mentioned in the introduction, we are talking about a market full of intrigue.

We come to the expectations on the market… The expectations that the ‘saw’ trend will continue for a while are strong. Especially where rate hikes by the US Federal Reserve (Fed) will stop in the fight against inflation, the data flow for the recession, the developments regarding regulations, the update scheduled for the middle of this month on Ethereum and on Mt. The fact that some of the Bitcoins stolen by the Gox exchange are being returned to their customers can be listed as agenda points that will affect the direction of cryptocurrencies. While correlation with tech stocks has risen to very high levels recently, it’s a question of how long it will last.

Here are the critical levels in Bitcoin

Looking at Bitcoin for the long term, it still continues its uptrend movement that started in January 2019. However, it can be said that the current trend is the downtrend that started in the week of November 8, 2021 on the weekly chart. The resistance point of this trend for the next week coincides with the $ 25,200 level. In other words, as long as this trend line is not broken in a technical sense, a pattern can be observed in which upward movements are limited as downside risks persist. There are two important points in fund research into possible setbacks. The first of these is the trend line at $ 16,640 …

Beware under $ 19,000!

This trend is a non-aggressive upward trend that started in January 2019. Since then, the pair has fallen once below this trendline … The support point of the secondary parallel trendline formed with that dip is at $ 13,158 for next week. Hence, on a weekly basis, $ 16,640 and $ 13,158 are the most important support points for now. Prior to these levels, the support levels of $ 19,500-18,913 and $ 17,600 can be followed as a horizontal support point!

Ethereum must exceed $ 1700 with high volume

In Ethereum technically, closes made below the $ 1,700 level on the weekly chart caused some deterioration in the technical outlook, which was about to turn seriously positive. The downtrend of the currently active trend started in the week of November 8, 2021. The resistance point of this train coincides with the $ 2,250 levels for this week. In possible upward moves in the first place, the $ 1,700-1,750 range should break strongly with transaction volume support and this region should revert to a strong support range. If this happens, a bullish move to the $ 2,200 levels can be observed, with the $ 1,950- $ 2,050 range representing the intermediate resistance zone. However, any weekly close below $ 1,700 could put more selling pressure and limit upward movement in technical terms. In such a scenario, the $ 1,420 and $ 1,299 levels are very important supports. However, it should not be forgotten that the most important support point for the pair is the support level of the trend that started in the week of March 9, 2020. For this week, the support point of this trend coincides with the level of $ 1.084.

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