Bitcoin clings to $19K as trader promises capitulation ‘will happen’
Bitcoin (BTC) remained rigidly bound at $19,000 until the weekly close on October 16, as analysts warned that volatility was due.
Analyst: BTC volatility a ‘matter of time’
Data from Cointelegraph Markets Pro and TradingView captured a weak weekend for BTC/USD as the pair barely moved in the after hours.
After US economic data triggered a series of characteristic fakeout events during the week, Bitcoin returned to its original position, and at the time of writing showed no signs of leaving its established range.
For Michaël van de Poppe, founder and CEO of trading platform Eight, it was a matter of not if, but when unpredictability would return to crypto.
“It’s a matter of time before massive volatility hits the markets, after four months of consolidation,” he told Twitter followers on the day, adding:
“The majority still assume we will continue to go downhill with the markets, but I think the odds of upside momentum have increased.”
The week’s macro numbers managed to spark a run to one-week highs for BTC/USD, with another popular commentator, pseudonymous il Capo of Crypto, maintaining that a bear market rally could see $21,000 back before the downside continues.
In a Twitter update before the weekly shutdown, they said revealed a belief that “the whole market” was about to win.
“Surrender will happen, but not yet,” they added as part of a subsequent discussion on the market outlook.
With that, Bitcoin was in line to finish the second week of “Uptober” down 1.5% compared to the beginning of the month – the worst performance since 2018 and well below the 40% 2021 gains.
Stocks cloud crypto future
Looking ahead, market participants saw the ongoing correlation to equity markets as evidence that the near-term outlook for Bitcoin was less than rosy.
Related: “No Emotions” – Bitcoin Calculation Gives $35K as Next BTC Price Macro Low
With the Nasdaq Composite index’s first weekly close below its 200-period moving average in fourteen years, comparisons to the dotcom crash and the 2008 Global Financial Crisis abounded on social media.
“This was a pivotal moment for the two previous 50-80% bear markets in 2000 and 2008,” Nicolas Merten, founder of YouTube channel DataDash, commented in a post on the subject, adding:
“#bitcoin has never lived through anything like this, so expect a lot more pain to come.”
As Cointelegraph reported, not everyone was bearish beyond the short term, with LookIntoBitcoin creator Philip Swift calling time on the 2022 bear market by the end of the year.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade involves risk, you should do your own research when making a decision.
