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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Bitcoin Price Forecast: Dark Days Ahead As $29,200 Support Fails

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Bitcoin

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In his recent report, Charles Edward, a prominent crypto market analyst, released an update on the state of the Bitcoin (BTC) market. The report highlights the continuation of the downtrend for Bitcoin, which has been losing its key support, the 50-day Moving Average (MA). 

The bearish trend has been confirmed by technical indicators and the pure fundamental Bitcoin Macro Index algorithm, which has seen an increasing rate of contraction over the last week.

Is Bitcoin Headed For $25,000?

The report provides insights into both high and low timeframe technicals, with the next support levels for Bitcoin at $28,000, $24,000, and low-$20,000, each offering better relative opportunities. 

The low timeframe technicals indicate a breakdown in support at $30,000 and the emergence of a new bearish trend, with a target of circa $25,000.

The Capriole Bitcoin Macro Index, which combines over 40 of the most powerful Bitcoin on-chain, macro market, and equities metrics into a single machine learning model, suggests a decent long-term value for multi-year horizon investors, but with decreasing fundamentals over the last week.

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On the other hand, the Three Factor Model, a new open-source algorithm, values the S&P500 using three fundamental data points only, indicating that the markets are fairly valued today, with room for more upside, despite recent bearish signals.

Despite the bearish outlook, the report suggests that the macroeconomic backdrop remains favorable for Bitcoin over the coming years. 

The Federal Reserve has paused rate hikes, and the S&P500 has had its longest winning streak in years. However, the technicals and fundamentals are currently showing a “not yet” signal, indicating that the market may need to wait for a positive trigger such as the approval of the Blackrock ETF.

Overall, the report suggests a long-term bullish outlook for Bitcoin, but with caution in the short term until technicals or fundamentals prove otherwise. 

According to Edwards, the nearest points of technical opportunity are $28,000, $25,000, and $21,000, or a daily close back into the $30,000 range.

Low Volatility, High Potential

Bitcoin’s price volatility has been at historic lows, with the cryptocurrency experiencing its second-lowest level of yearly volatility ever. This fact has been noted by many in the crypto community, including Crypto Con, who points out that historically, low volatility has been a bullish sign for Bitcoin.

Bitcoin
BTC’s low volatility suggests a bullish continuation. Source: CryptoCon on Twitter.

Low volatility can be seen as a sign of stability and maturity for a cryptocurrency. It suggests that the market is becoming more efficient and that there is less speculation driving prices up and down. This can be a positive sign for long-term investors, as it suggests that cryptocurrency is becoming more reliable as a store of value.

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Moreover, Bitcoin has historically performed well after periods of low volatility. Every time Bitcoin’s volatility has dropped to similar levels in the past, it has been followed by a significant price increase. 

This suggests that, while the current low volatility may be frustrating for traders looking for quick profits, it could be a positive sign for long-term investors.

In conclusion, while the current low volatility in Bitcoin’s price may not be exciting for traders, it could be a positive sign for long-term investors. Historically, low volatility has been a bullish sign for Bitcoin, and the cryptocurrency’s current stability comes at a time when several positive macroeconomic factors could drive its price up in the future.

Bitcoin
BTC’s downtrend on the 1-day chart. Source: BTCUSDT on TradingView.com

As of the time of writing, Bitcoin has lost its crucial support line of $29,000 and is currently trading at $28,900, representing a decline of over 1% in the last 24 hours.

Featured image from Unsplash, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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