Bitcoin has been on a rollercoaster ride this week, decreasing in value over 50% after the most recent price dip. Experts say that Bitcoin will recover and continue to be seen as an investment opportunity by many players, but it remains to be seen how volatility impacts future price movements.
The “coinbase ipo price prediction” is a blog post that discusses the future of Bitcoin and how it will be impacted by the Walmart, Target stock.
On May 18, when US stock markets began with a negative bang, Bitcoin (BTC) headed into a “interesting” liquidity region.
1 hour candle chart of BTC/USD (Bitstamp). TradingView (source)
Bitcoin’s price is approaching a “interesting” rematch with its lows.
BTC/USD burst over the $29,000 support following the Wall Street open, according to data from Cointelegraph Markets Pro and TradingView.
U.S. markets saw a swift reversal of prior gains on the day, with the S&P 500 down 2% and the Nasdaq 100 down 2.3% within the first hour of trading.
The huge surprise came from supermarket behemoths Walmart and Target, which witnessed their worst intraday drops since the weeks leading up to 1987’s “Black Monday” market meltdown.
WMT had lost almost 15% in five trading days at the time of writing, while TGT had lost over 25%. Both came following reports of declining profitability despite inflationary pressures on consumer spending.
“Rallies in bear markets might last weeks or just a few days. The Walmart/Target bombings suggest that the American consumer isn’t as healthy as previously imagined. The three-day rally might be coming to an end “On the day, The High-Tech Strategist editor Fred Hickey informed Twitter followers.
BTC fell with the indexes, threatening a breach below $29,000 and a move into a liquidity region that reflected daily closures from last week’s downturn, which saw spikes below $24,000.
“To me, this seems to be a clean breakdown. Although the price movement has been choppy, we should sweep the lows at the very least “In his most recent report, prominent trader and analyst Nebraskan Gooner wrote.
“We’ll probably see $22K if the lows break. If the lows hold, we may be able to break back over $30,000.”
Michaal van de Poppe, a Cointelegraph writer, concurred, calling the region around $28,400 “interesting.”
The low has been brushed and #Bitcoin is making that descent.
The next one is approximately $28.4K, which is an intriguing location for me. pic.twitter.com/FnEqJ6mz73
May 18, 2022 — Michaal van de Poppe (@CryptoMichNL)
Josh Rager, a long-time social media trader, looked expecting a rebound at the crucial level to push Bitcoin upward once again.
“Many times these compressions break one way for a fakeout and then reverse,” he tweeted on lowering volatility possibly causing a price rise presently.
“$BTC should break down, get shorts off the flanks, and go higher. This is unlikely to occur, but it would be an excellent setup.”
BTC/USD was moving as expected, according to a later article.
Aave’s price might plummet by 25% if a typical bearish reversal pattern arises.
Altcoins are at danger of a “standard bear market fall” of 90%.
As Bitcoin abandoned any short-term optimistic indications, losses on altcoins started to accelerate.
Cardano (ADA) and Solana (SOL) were the poorest performances among the top ten cryptocurrencies by market cap, with daily losses of about 8%.
Ethereum (ETH) has lost $2,000 support and is on its way to its lowest levels since the cross-crypto capitulation on May 12th.
“Altcoins have seen a lot of retracement. However, recent bear markets show they might fall much farther “On the day, trader and analyst Rekt Capital issued a warning.
“If BTC loses its Macro Range Low, that would confirm more downside in the Crypto market. Which could enable Altcoins to follow their standard Bear Market correction of over -90%.”ETH/USD 1-hour candle chart (Binance). Source: TradingView
The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.
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