A bouncing ball pattern with a rally will not “end well” for Bitcoin, analyst warns
Lately, the cryptocurrency market seems to be stuck in a rut, despite some occasional signs of life from the major assets, which has led crypto analysts to speculate on future price movements of Bitcoin (BTC) based on current patterns.
After identifying the so-called “bouncing ball pattern” in connection with a rally, crypto trader and analyst Josh Rager noted On October 16, he doesn’t see much hope for the flagship digital asset in the near future.
Basing his opinion on the technical analysis (TA) of the cryptocurrency’s price action, the crypto expert stated that he was “never a fan of the bouncing ball pattern with rallies,” adding that “it never ends well.”
Stock market correlation
However, Rager also expressed hope that the stock market could pull Bitcoin back up, due to the historical correlation between the first cryptocurrency and this traditional asset market. Like him added in the comments of his tweet, “Btc moves based on stocks.”
Meanwhile, Bitcoin’s historical correlation with the stock market may not remain the best predictor of the token’s price activities, as it may outperform it at some point, at least according to the pseudonymous crypto trader and LedgArt co-founder Caleo.
Actual, Caleo has previously suggested that the decentralized finance (DeFi) asset’s current activity “should give it a clear chance to outperform the SPX back to its 2017 ratio ATH and higher,” as Finbold reported.
At the same time, Gareth Soloway, head of marketing strategist has InTheMoneyStocks.comhas suggested that BTC was facing a “worst case scenario” that would likely see it right on towards $3,500, as well as warned that the divergence from stocks would not be coming anytime soon.
Party like it’s 2024?
That said, it’s worth noting that Rager also suggested in mid-September that Bitcoin could be in for a significant rally, but in a couple of years, saying that “the real party won’t start until 2024,” soon after the next one. halving event is predicted to occur.
As things stand, Bitcoin is still struggling to break the coveted $20,000 price barrier, and at press time was valued at $19,260 – up 0.63% over the past 24 hours, but down 0.87% last week , as per CoinMarketCap data.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
