Crypto Predictions: These Two Indices Could Bring Bitcoin Down

Crypto forecasts suggest a bleak new future for Bitcoin as prices stabilize after last week’s violent crash.

Bitcoin between curve compression and capitulation

Bitcoin has had a mixed record since the cryptocurrency crash due to the fall of FTX. While some expect the little orange coin to fall around $10,000, it is still clinging to $16,000 despite dropping from support. However, despite the recent stabilization of the market and the possibility of a bottom, prices may start to fall again soon.

BTC now finds itself at a crossroads, after seeing its price squeeze since the start of the week. Then two hypotheses are possible: a first temporary rise in the hope of breaking the trend, or a sharp fall. However, it seems that this is the second option that will be preferred in the near future.

Source: BTC price according to CoinMarketCap

Indeed, many elements can disrupt the price of Bitcoin in the coming days. The first is the result of the failure of FTX in the market, which the crypto sphere is already well aware of. While new exchanges such as are already predicted to fall, a wave of cancellations could disrupt price stabilization when tokens are widely traded.

With BTC expected to hover around $12,000 at best, a capitulation could be the first cause of a further collapse. However, another scenario could play out, according to analyst Benjamin Cowen.

We are potentially looking at another big drop in cryptocurrency in late 2022 or early 2023. This would coincide with what would be a historically large decline. […] If Bitcoin goes down another 20% from here, I think we can start to argue that the bottom is here.

Excerpt from Benjamin Cowen’s analysis

Source: Benjamin Cowen’s YouTube account

Also, as a Capo of Crypto warns, there are several macroeconomic and geopolitical events that could come to lower the value of the coin. This was already the case last Tuesday when new tensions arose over the war in Ukraine.

Source: Capo of Crypto Twitter account

Inflation also balances

If inflation in the US has found its tipping point, while also slowing the Fed’s interest rate hikes, the same is not true in Europe. Indeed, while energy prices continue to explode, the European Central Bank is still clinging to its 2% target. Inflation in the Old Continent would indeed reach 10%, the highest since the creation of its rating system in 1997.

While Christine Lagarde, for her part, plans to play on rising interest rates to stop the phenomenon, this bad news could have consequences for European companies working in the cryptocurrency and industry. As for investors, they could be caught between rising rates and shrinking assets. Although it is possible for some to take refuge in Bitcoin provided the market improves, some liquidation can be expected from this side as well.

Source: European Central Bank Twitter account

Towards a better future?

While most cryptocurrency predictions point to a bleak future for Bitcoin, others are hopeful that the mainstream cryptocurrency will make a comeback despite weak market and industry conditions. Thus, according to Wyckoff’s price cycle, some analysts see the recent decline as a false alarm that precedes a real price explosion.

Source: Mags Twitter account

Time will tell which expert is best able to detect micro-movements in the price of the first cryptocurrency. In the meantime, we advise you to be very careful with your investments.


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