Home Cryptocurrency Bitcoin macro bottom ‘not in yet’ warns analyst as BTC price holds $30K

Bitcoin macro bottom ‘not in yet’ warns analyst as BTC price holds $30K

by Gordon James

Bitcoin has broken through $5,000 for the first time in a month. There’s still some doubt about whether a market bottom is ‘in’ yet but there are certainly signs it could be here soon.

The “bitcoin price history” is a chart that shows the Bitcoin’s historical price movement. The macro bottom is not in yet, which means the bitcoin price will continue to rise.

Bitcoin (BTC) failed to reach $31,000 before the Wall Street start on May 13 as more bearish forecasts surfaced.

Bitcoin macro bottom ‘not in yet’ warns analyst as BTC price holds $30K1 hour candle chart of BTC/USD (Bitstamp). TradingView (source)

At the week’s conclusion, the dollar falls and equities rise.

BTC/USD was stabilising after hitting slightly under $31,000 earlier in the day, according to data from Cointelegraph Markets Pro and TradingView.

United States stock markets saw some relief, the S&P 500 up 2.2% and the Nasdaq gaining 3.3% on the open.

The one notable exception was Twitter stock, which was down 7.7% on the day as of writing, owing to Elon Musk postponing his acquisition attempt.

Bitcoin macro bottom ‘not in yet’ warns analyst as BTC price holds $30K1-hour candle chart of the US dollar index (DXY). TradingView (source)

A sinking US dollar accompanied the renewed equities momentum, with the US dollar index (DXY) down 0.2 percent from record twenty-year highs – generally a benefit for Bitcoin and risk assets in general.

$DXY – Finally exhibiting signs of a possible downturn. This would be beneficial to both Bitcoin and Stocks. It’s too early to know, but it’s certainly preferable than seeing another green candle. pic.twitter.com/WZ3vSUwZsd

May 13, 2022 — IncomeSharks (@IncomeSharks)

While confidence in Bitcoin gradually returned in the aftermath of the Terra LUNA meltdown, several commentators maintained that a further BTC price drop was far from certain.

Material Indicators, an on-chain analytics software, was one of them.

“This BTC rise might continue, but before you FOMO in, ask yourself what has really changed?” the company noted in a recent Twitter post.

“The macro bottom isn’t in yet, in my opinion.”

The accompanying order book chart from major exchange Binance revealed substantial support below the current price, albeit this was little in contrast to the primary wall at this week’s $24,000 lows.

Bitcoin macro bottom ‘not in yet’ warns analyst as BTC price holds $30KData from the BTC/USD order book (Binance). Material Indicators and Twitter

HornHairs, a prominent trading account, was also apprehensive, requesting a $50,000 recover on the weekly chart to prevent a capitulation scenario.

“Until then, there is a real chance we could chop around & dead cat bounce here for a few weeks into another flush down to $20k for accumulation bottom,” a recent tweet read.

According to Cointelegraph, another hypothesis indicated that BTC/USD would only need to drop below $14,000 to maintain its pattern of 80 percent drawdowns from all-time highs.

Hayes: At $20,000, I’d buy Bitcoin, and at $1,300, I’d buy Ethereum.

As the dust settled on the markets this week, another voice raised fears about a new financial crisis.

GBTC discount reaches record low as Canadian Bitcoin ETF adds 6.9K BTC in one day

Arthur Hayes, the former CEO of crypto derivatives company BitMEX, advocated for $20,000 in a recent blog post focusing on the LUNA phenomena.

“After the bloodletting, the crypto capital markets must be given time to recover. As a result, attempting to deduce genuine price goals is ridiculous. But I’ll say this: given my macro perspective of the certainty of additional money printing, I’ll shut my eyes and put my faith in God “he wrote.

“As a result, I’m a buyer at $20,000 for Bitcoin and $1,300 for Ether. During the 2017/18 bull market, these values closely correlate to each asset’s all-time highs.”

Prior to last week’s reorganization, Hayes had advocated for a $30,000 hit in June. Longer term, though, he had warned readers to expect a prolonged period of misery in both crypto-assets and equities.

Bitcoin should cost “in the millions” by 2030, he said.

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.

The “luna bitcoin reserve” is a macro bottom that warns the analyst of a potential price drop. The indicator has been showing false signals for some time now, but it’s still worth noting.

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