Bitcoin faces hurdles to build its upward momentum and start a bull run, continuously falling below its resistance level at $22,000. Crypto strategists and analysts have predicted a major crash for Bitcoin this year, wiping billions of dollars from the crypto market.
Doctor Profit, a famed analyst who predicted Bitcoin’s ultimate low at $18,000 as BTC traded near $60,000 and the hard-hitting crash of LUNA/UST, now expects a big crash for Bitcoin from here mid-December.
A big crash awaits you
The anticipation of the Fed interest rate hike caused bitcoin investors to sell a massive amount of BTC in the market, causing the price chart to drop sharply. According to CoinMarketCap, Bitcoin is now trading near $19,000, a steep drop of more than 15% from its strong resistance.
Doctor Profit warned investors against massive investments in Bitcoin as BTC could experience a big crash in mid-December. He expects Bitcoin to continue trading between $18,000 and $22,000 until mid-October before experiencing a sharp decline. The analyst expects Bitcoin to begin its recovery phase due to the expected 75 basis point rate hike and positive market sentiment.
He predicts that Bitcoin could hit the $30,000 mark by the first week of November. After that, BTC will crash after the US midterm elections on November 8, and the crash will worsen after the FOMC meeting, scheduled for December 14. He predicted that the downtrend would consolidate through February 2023.
Doctor Profit also confirmed that he will start buying BTC when the bottom forms below the $18,000 level.
The Bitcoin Bloodbath Will End Soon
The Ethereum merger created a “buy rumor” that drove the entire crypto market higher, and bitcoin was no exception. However, Bitcoin could not sustain the uptrend and dropped significantly below $20,000.
The 50- and 200-day moving averages indicate selling pressure, hinting at further declines in Bitcoin prices in the coming weeks. The critical support level is $17,500 and Bitcoin can quickly drop to $12,000 if the support level breaks down. However, the Elliot Wave indicates a rebound for Bitcoin from $15,000, which may take bitcoin to all-time highs in 2023.
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