{"id":505070,"date":"2022-10-06T00:40:45","date_gmt":"2022-10-06T00:40:45","guid":{"rendered":"https:\/\/wncen.com\/?p=505070"},"modified":"2024-06-11T14:27:06","modified_gmt":"2024-06-11T14:27:06","slug":"bitcoin-btc-will-test-14k-mark-instead-of-skyrocketing-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-will-test-14k-mark-instead-of-skyrocketing-analyst\/","title":{"rendered":"Bitcoin (BTC) Will Test $14K Mark Instead Of Skyrocketing, Analyst"},"content":{"rendered":"
Despite Bitcoin recording substantial gains in the last few days, an analyst believes it’ll nosedive to $14k. Earlier this week, BTC experienced rocky times before giving the bulls something to cheer about. Despite the coin trading above its $20k resistance, popular trader <\/span>Il Capo of Crypto<\/span><\/a> believes it won’t hold this position for long.<\/span><\/p>\n The general sentiments surrounding bitcoin are positive, and investors are optimistic that the price will continue to rise. However, there is a lot of uncertainty regarding how far the price can go up.\u00a0<\/span><\/p>\n Related Reading: Bitcoin Bulls Snap Back With The Bollinger Bands | BTCUSD Analysis October 5, 2022<\/a><\/strong><\/p>\n Il Capo of Crypto, a popular crypto swing trader with over 500k followers, shared some bearish sentiments about the coin. In his <\/span>tweet <\/span><\/a>on October 5th, he mentioned that Bitcoin would reach a local top between $20,400 – $20,100. After that, it\u2019ll show bearish signs and tip over to new lows.\u00a0<\/span><\/p>\n 20500-21000 hasn\u2019t been touched and there\u2019s no ltf distribution. Expecting the last leg up soon. Then ltf bearish signs, and reversal to new lows (14k-16k).<\/span><\/i>\u00a0– Il Capo of Crypto.<\/span><\/p><\/blockquote>\n As of writing, Bitcoin still hasn\u2019t crossed the $21.4k mark and is currently trading at $20,035. It has also recorded a 1.48% decrease in value since yesterday. The market cap of the cryptocurrency stands at $383 billion.<\/span><\/p>\n On October 4th – 5th, Bitcoin (BTC) demonstrated strength by surpassing the $20,000 barrier after gaining 5% on the day. Some investors <\/span>speculate<\/span><\/a> the market to rise to $28,000 after the move liquidated $75 million in leverage short (bear) holdings. According to <\/span>Mustache<\/span><\/a>, the declining channel continues to apply its pressure. However, there may be sufficient strength to challenge the upper channel trendline at $21,500.<\/span><\/p>\n The price movement on October 4 coincided with better circumstances for global equities markets. The S&P 500 index rose 3.1%, and the tech-heavy Nasdaq Composite climbed 3.3% over the same time period.<\/span><\/p>\n Surprisingly, morale rose amid job opportunities in the United States<\/span> falling by 1.1 million<\/span><\/a> in August. The drop was the biggest since April 2020. This indicates that the aggressive tightening of money by the U.S. Federal Reserve could end sooner than expected. Bitcoin may have broken the $20,000 barrier due to widespread optimism. However, this does not mean institutional investors are satisfied with the current price.<\/span><\/p>\nAnalyst Sees BTC Nosediving To 14k Soon.<\/span><\/h2>\n
Other Experts Think Otherwise<\/span><\/h2>\n