Bitcoin corrects, even pulled back below $17,000. Meanwhile, a top analyst cites two critical factors that will now decide whether BTC will be bullish or bearish in the short term.
How much does bitcoin cost?
Top analyst PlanB expects prices between $100,000 and $1 million per BTC over the next three to four years. Currently, however, Bitcoin has been boring its investors for some time with rather quiet price action.
About two weeks ago, BTC managed to break above $17,000 and even hit local highs of $17,360. Here, however, the asset has already marked the end of the trading range – it has not gone higher.
The decline was also limited: the bears were able to drag the price down to $16,774 at one point – but then the bulls returned to the scene and pushed the number 1 cryptocurrency above $17,000.
However, Bitcoin is now threatening to lose the all-important mark again: in the past 24 hours, Bitcoin must have lost 1.31% from yesterday’s high of $17,244 to $16,899. Here the bulls were able to trigger a minimal rally – but the rise to above $16,948 was unsuccessful.
Top trader Michaël van de Poppe comments:
“Bitcoin corrects and remains in boring price action.
I would like to see it hold above $16.8K to validate the trade here.
If we lose $16.8000, I will look for longs around $16.25-16.5000.
Top analysts name 2 critical factors for Bitcoin
The week-long valley of sadness – when will it end? When will Bitcoin show a clear direction again – either up or down? Senior analyst Nicholas Merten has now commented on this in a new video analysis – and revealed two factors that will be critical for Bitcoin in the coming weeks: 1. US Consumer Price Index data ( CPI) and 2. the last session of the Federal Reserve for 2022. Both are scheduled for this week.
The industry watcher is certain: Crypto markets are currently lacking buying pressure as investors are reportedly awaiting both the CPI report and the FED meeting at the moment. So, are there any bullish bitcoin pumps or further corrections to come? The CPI report is due out today, December 12, while the Fed meeting is scheduled for December 14.
According to Mertens, the CPI report will reveal higher than expected inflation data – a potentially bearish factor for crypto markets. More than 80% of market participants would expect the Fed to raise interest rates by 50 basis points. But there could be more, according to what the CPI report reveals.
However, markets would remain under pressure even if the rise in interest rates were lower than expected, according to the crypto analyst:
“Does this mean that the market is immediately saved? Does this mean we are entering the next bull market?
no If we look at previous bear markets, you will see that even after the Fed started cutting interest rates several notches, stock markets continued to fall. They have always evolved worse”
The reason, according to Merten: corresponding processes would have “delay effects” – you cannot “just lower interest rates immediately and save the day”.
Here is Nicholas Merten’s full Bitcoin prediction.
Dash 2 pre-sale record exchange: 9.5 million collected! Now the final phase has begun
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