Analysts Forecast Bitcoin Drawdowns Not Exceeding 30%
- Market Volatility Impact: Analysts indicate that Bitcoin may face drawdowns of 20-30% due to macroeconomic factors and liquidity trends, reflecting the high volatility of the market while emphasizing a structurally bullish outlook in the long term.
- Liquidity Factors: Financial experts like Arthur Hayes and Raoul Pal stress that liquidity factors are key drivers behind potential drawdowns, suggesting that significant price volatility is part of normal market behavior despite short-term fluctuations.
- Impact on Crypto Market: The anticipated drawdowns in Bitcoin could impact the broader crypto industry, potentially leading to increased volatility in smaller cryptocurrencies and related assets, which may result in more significant percentage declines.
- Long-Term Bullish Outlook: Despite facing short-term market corrections, on-chain metrics continue to support a structurally bullish outlook, with analysts believing that these drawdowns are crucial for setting up the next leg higher in a long-term bull market.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36425.103 | 48212.552 | 61160.853 | 72948.302 | 85896.603 | 97684.052 | 110632.353 |
| Fibonacci | 48212.552 | 57661.608 | 63499.245 | 72948.302 | 82397.358 | 88234.995 | 97684.052 |
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