Bitcoin touches USD 22,300, and analysts warn in their predictions that the crypto winter is over.
The price of bitcoin surpassed the USD 22,000 resistance for a moment after 25 days. Although they look like positive moves, specialists warn that it could tread on lower prices.
The bitcoin (BTC) price momentarily surpassed the USD 22,000 resistance, a figure it had not traded for 25 days. This reflects an increase in demand, which raised some investors’ enthusiasm. Although specialists warn that this rise does not mean the crypto-winter is over, we could see lower prices.
Trader Eduardo Gavotti told News-Cyber, “I wish I could say when the crypto winter will end.” He explains that we are still in a bear market, and market phases have maturation times.
In this regard, he indicates that he maintains that we still have some downside room left, with some bear market rallies. In other words, he envisions that there will be some upside corrections amid a bitcoin and crypto market downtrend.
“In the past, it has taken the BTC market 8 to 12 months to get back on the bullish path after bottoming out,” he alleges. Therefore, it would not be out of the ordinary for the current crypto winter to last a while longer, as Glassnode believes it will. Especially considering the current macroeconomic backdrop.
Bitcoin has been trading for 8 months below its all-time high of almost USD 69,000 from November 2021. However, still, the cryptocurrency could tread lower prices from his perspective.
Bitcoin price. Although bitcoin traded as high as USD 22,300 on July 8, Gavotti warns that the crypto winter is not yet over and may not have bottomed out.
Still, no certainty that bitcoin has bottomed out this crypto winter.
“There are those who believe we have already bottomed (like the CEO of Binance), but I’m not so sure, says Gavotti, like others in the community. The lowest price bitcoin has touched this season was USD 17,600 in June.
Although it has stayed away from USD 17,600 for the time being, it still doesn’t see that much momentum in demand, so it could eventually fall from that level. As for the near future, trader and consultant Michael van de Poppe indicated that bitcoin could retest USD 20,700, having touched the USD 22,000 range.
He believes consolidation and accumulation are required to overcome the new resistance at USD 22,300. He considers that it will be “heavy” to overcome this level, given that it is close to the 200-week moving average, which it has been below for the last 30 days.