Bitcoin (quotation BTC) hit the $ 18.000 level for the XNUMXth consecutive day, maintaining this range as support. The move reflects that the strength of supply and demand is at least holding up in this area, but what's the next move, will it continue to hold back here to recover the bear market or will it collapse at lower prices?
Trader Michael van de Poppe argues that "we need a recovery to $ 18.800 in the next 24-72 hours to think about an upward momentum." He believes that if bitcoin does not hold above this figure for at least two days, its price could continue to fluctuate or fall.
In this regard, Crypto trader Tony noted that he does not see the lows of this cycle yet, so he estimates that the support could drop to $ 17.600. He believes the market could hold on to this level if it were to fall from the current one. This would mean a three-month pullback to the annual low reached in June.
He added that the short term for both bitcoin and Ethereum "may look bad for a lot of people right now." But from his bullish sentiment for the future, he indicates that "in the long run I'm here to stay and won't go away".
Bitcoin could rise when the dollar falls, according to a trader
Crypto Tony explains that when the dollar reaches its peak (which he believes will be in 2023), it could resume "the cryptocurrency boom towards the next halving". This event, which occurs every four years, is the halving of the issuance of the Bitcoin currency. A situation that usually leads to an upward movement.
Cryptocurrency research and trading expert MacnBTC warned, “People seem to forget that there is a narrative that has never stopped leading the cryptocurrency market. And he clarifies that this is a halving and that the next is looming for 2024. "It may seem far, but in reality it is not," he said.
Currently the price of bitcoin continues to be in a bear market in correlation with the equity markets. Although the latter hit their annual lows this week, while the cryptocurrency performed better. As reported by us, it remains above the lowest price of the year reached three months ago.
In this low-risk asset scenario, dollar demand benefited as a safe haven asset. A situation that has brought its price to a maximum of 20 years. However, according to traders, this figure could decrease as investors' risk appetite picks up again, which could increase demand for bitcoin as the halving approaches.
