Incoming Slump for Bitcoin? Here’s what to expect for BTC in the near future

Bitcoin traded in the green last week, sending signals of an upturn in the market. Even JP Morgan, who previously predicted that the bear market was here to stay, reported that the downturn may be ending. However, Bitcoin and the cryptocurrency market in general have a way of defying sentiment by moving in the opposite direction when least expected. BTC is rejected at $23,000, slips back to $21,000, and has yet to break out in the indices. Crypto analyst Kevin Svenson revealed that the market’s up-and-down momentum, combined with the factors of a weak global economy, make it difficult for Bitcoin to rise in price.

Also Read: What Are the Chances of Bitcoin Falling to $0?

Svenson predicted that BTC has yet to bottom out and investors who think the bottom was $18,000 may be proven wrong by the markets. “Bitcoin market cycle rarely bottoms occurs when everyone agrees” he said to Zycrypto. He continued, “It is unlikely to happen when everyone gets their preferred price. Bitcoin always surprises us” he said.

Another cryptoanalyst, Justin Bennett, boldly predicted that Bitcoin’s bearish patterns would pull it down to $8,500. Bennett claimed that BTC is now in “uncharted territory” and the leading crypto will soon have a “surprising downturn”. Even HEX founder Richard Heart told exclusive to Watcher Guru that Bitcoin will reach $11,000 in the coming months. Read here to know more about why BTC is headed for $11,000 and below.

Also read: Solana Prediction: Here are SOL’s targets if the market goes up this week

Bitcoin: What to Expect Next? Here is our view

The Coinbase Premium Index highlights that buying pressure is relatively weak, and US institutional investors are not going all in. Even the Crypto Fear and Greed Index fluctuates between 10 and 30, indicating that “Fear” still exists in the market. In addition, the Feds are scheduled to meet this week and plan to raise interest rates by 0.75 percent.

Sri Lanka is suffering from an uncontrollable economic crisis in the global financial sector. Reports say that even Pakistan is on the verge of facing a similar economic situation if left unchecked. Protests also broke out in China when the central bank seized many accounts. China is facing a liquidity crisis, and the trend has been prevailing for over two months.

Also Read: Ethereum May Reach Monthly High With Current Rally: Here’s The Price Target

All of the above developments are another cocktail that is brewing an economic disaster. Therefore, it is recommended to be cautious during this period, as Bitcoin may plunge to new lows. Read here to know the three global events that point to another cryptocurrency market crash in the near term.

At press time, Bitcoin was trading at $21,900 and was down 3.6% in 24-hour trading. The king crypto is also down 68% from its all-time high of $69,044, which it reached last November.