Trading specialist thinks ‘things are not looking so nice’ with Bitcoin
As the cryptocurrency market as a whole attempt to find its footing and Bitcoin (BTC) battles to maintain a price above $19,000, further negative news may be in store for the leading digital asset.
Indeed, crypto trader and analyst Josh Rager stated that “it’s not looking so good right now” for Bitcoin, citing the S&P 500 Index stocks chart for comparison, noting that “it rejected off level above and seems like it wants lower,” as he underlined in a tweet on September 20.
Rager concluded that, according to the chart, the S&P 500 has rejected the important resistance level at $4,310 during the previous several days and seems to be moving in a negative manner.
Considering the historical association between Bitcoin and the S&P 500, he feels Bitcoin is in danger, “hovering between $18,000-$19,000 for the fifth time.” Rager is cautiously optimistic, stating, “maybe we have a bounce again,” adding, “I’m now flat and will keep an eye on this.”
In the meanwhile, another crypto trading expert, Rekt Capital, predicts that Bitcoin will reach a low in the fourth quarter of 2022, based on the token’s conduct 517-547 days prior to its previous halving occurrences.
As stated by Finbold, the main market analyst of InTheMoneyStocks.com, Gareth Soloway, predicts Bitcoin to decrease further to a low of $12,000. He asserts that the token’s movements are highly correlated with those of the U.S. dollar.
Bitcoin’s price was at $18,991 at the time of publication, representing a daily fall of 1.28% and a weekly decline of 6.65%.
According to CoinMarketCap statistics, its market value is now $363.80 billion, maintaining its position as the biggest cryptocurrency by this metric.