- Bitcoin hovers at $19,257.60 and cannot break out of the 200 MA.
- The crypto king is likely to outperform stocks during the bear market.
- BTC’s bearish market price prediction is $14,000.
Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, states that even while stocks are at an all-time low, Bitcoin is a wild card poised to outperform as it begins to resemble gold and bonds.
Macro in Five Charts: Crude, Commodities, Stocks, Bonds, Bitcoin – #Crudeoil may be resuming an enduring bear market and refueling the T-bond bull. #FederalReserve tightening as global GDP turns negative may help transmogrify #stocks to going down on bad news and up on good. pic.twitter.com/KZEWsZyI8h
— Mike McGlone (@mikemcglone11) September 7, 2022
IMF Analysts believe Bitcoin’s relationship to GDP demonstrates how cryptocurrencies hinder economic expansion. The correlation between crypto assets and conventional holdings, such as stocks, has significantly increased in response to increased adoption, which reduces the perceived benefits of risk diversification and increases the risk of financial market contagion.
The 1 Hour chart of BTC/USDT indicates that Bitcoin is now inside a descending channel, and the price moves down to the path of low resistance in a descending channel. The most effective way to trade it is to wait for an upside or a downward breakout before entering the descending channel.
The support1 of the current Bitcoin price lies around $18672.46, while the support2 is at $17925.91. If the price breaks down the current descending channel, Bitcoin could drop to $14,000. However, if it breaks the upper part of the channel, which rises higher, BTC has a good chance of reaching around $23,000, which is the previous resistance.
At the time of writing, Bitcoin is slowly forming a few green candles and moving near the 200 MA. But there are two possibilities: it could break the 200 MA and move higher or touch the 200 MA and fall with high volume and pressure. The RSI value of BTC/USDT is now 55.58. RSI value above 50 means that investors are eyeing and buying Bitcoin, which results in a price increase.
At the time of writing, there are 19,144,543 BTC Bitcoins in circulation, and the price is at $19,257.60, as reported by Coinmarketcap. Additionally, $32,734,203,113.45 worth of Bitcoin was traded in the past 24 hours. Also, there has been a price increase of 2.41% within the past 24 hours.
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