Home CryptoMarket Bitcoin clings to $19K as trader promises capitulation ‘will happen‘

Bitcoin clings to $19K as trader promises capitulation ‘will happen‘

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Bitcoin (BTC) remained firmly tied to $19,000 until the weekly close on October 16.

BTC/USD 1 hour candlestick chart (Bitstamp).Source: Trading View

Analyst: BTC volatility is ‘just a matter of time’

Cointelegraph Markets Pro and TradingView BTC/USD caught a lackluster weekend as the pair barely moved in after-hours trading.

After a week-long series of characteristic fake-out events in US economic data, Bitcoin has bounced back and showed no signs of leaving its established range at the time of writing.

For Michael van de Poppe, founder and CEO of trading platform Eight, the question was not if unpredictability would return to cryptocurrencies, but when.

“After four months of consolidation, it’s only a matter of time before massive volatility is reflected in the market,” he said. Said A Twitter follower of the day added:

“While the majority assume it will continue to go downhill with the market, I think the potential for upward momentum is increasing.”

This week’s macro numbers spur BTC/USD’s rally to a one-week high, while another popular commentator, crypto pseudonym Il Capo, said the bear market relief rally could hit 21,000 before the decline continued. I argued that I could see a dollar return.

In a Twitter update before the weekly wrap-up, they clearly The belief that the “whole market” is trying to acquire.

“Surrender will happen, but not yet,” they said Added Part of the ensuing discussion on market outlook.

This would have ended Bitcoin’s second week of ‘Uptober’. 1.5% reduction It’s the worst performance since 2018 and a far cry from the 40% rise in 2021.

BTC/USD monthly return chart (screenshot).Source: Coinglass

The future of stock cloud crypto

Looking ahead, market participants looked to Bitcoin’s continued correlation with the stock market as evidence that Bitcoin’s near-term outlook is not optimistic.

RELATED: “No Sentiment” — Bitcoin Metric Gives $35,000 As Macro Low For Next BTC Price

Comparisons to the dot-com crash and the 2008 global financial crisis flooded social media as the Nasdaq Composite Index closed the week below its 200-period moving average for the first time in 14 years.

“This was a pivotal moment for the two previous 50-80% bear markets in 2000 and 2008,” said Nicolas Merten, founder of YouTube channel DataDash. commented In your post on the topic, add:

“#bitcoin has never experienced anything like this, so expect more pain to come.”

Nasdaq 100 Index 1 Week Candlestick Chart 200MA.Source: Trading View

As reported by Cointelegraph, LookIntoBitcoin creator Philip Swift has called a 2022 bear market period before the end of the year.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.