Greetings.
Since the beginning of October, there has been an extremely low degree of price volatility for many cryptocurrencies, despite a significant increase in the stock market. As of week 43, 2022, the price of Bitcoin was trading in a relatively narrow range, managing to rise from $19,200 to $21,050, thus reaching its October high.
Bitcoin Price Technical Analysis
In terms of technical analysis, I expect a Y wave to form, which will be represented as a W-X-Y double zigzag marked in pink on the chart. As a result of the formation of a double three, which is a sideways combination of two corrective waves, the price of Bitcoin can reach the price range of $23,800-$24,200. After the completion of the short-term growth, the downward pressure on the price of the main cryptocurrency will continue, and I expect Bitcoin to bottom in the $12,700-$13,600 range.
Fundamental Bitcoin Price Analysis
At first glance, the Accumulation Trend Score continues to indicate that market participants are accumulating Bitcoin in the current price range. However, in my estimation, the created structure is similar to the one that occurred at the beginning of the 4th quarter of 2018, when, after a long period of accumulation, the price of Bitcoin fell from $7,000 to $3,300, thereby only increasing the panic in the cryptocurrency market.
It should be noted that more than 3.74 million Bitcoins have remained inactive for more than seven years, and this number continues to grow from year to year, which helps to stabilize the price of Bitcoin during the period of the Fed's rate hike.
Disclosure: This article may not take into account all the risks and catalysts of the assets described in it. Any part of this analytical article is provided for informational purposes only, does not constitute an individual investment recommendation, investment idea, advice, offer to buy or sell securities, or other financial instruments. The completeness and accuracy of the information in the analytical article are not guaranteed. If any fundamental/technical criteria or events change in the future, I do not assume any obligation to update this article.
Since the beginning of October, there has been an extremely low degree of price volatility for many cryptocurrencies, despite a significant increase in the stock market. As of week 43, 2022, the price of Bitcoin was trading in a relatively narrow range, managing to rise from $19,200 to $21,050, thus reaching its October high.
Bitcoin Price Technical Analysis
In terms of technical analysis, I expect a Y wave to form, which will be represented as a W-X-Y double zigzag marked in pink on the chart. As a result of the formation of a double three, which is a sideways combination of two corrective waves, the price of Bitcoin can reach the price range of $23,800-$24,200. After the completion of the short-term growth, the downward pressure on the price of the main cryptocurrency will continue, and I expect Bitcoin to bottom in the $12,700-$13,600 range.
Fundamental Bitcoin Price Analysis
At first glance, the Accumulation Trend Score continues to indicate that market participants are accumulating Bitcoin in the current price range. However, in my estimation, the created structure is similar to the one that occurred at the beginning of the 4th quarter of 2018, when, after a long period of accumulation, the price of Bitcoin fell from $7,000 to $3,300, thereby only increasing the panic in the cryptocurrency market.
Disclosure: This article may not take into account all the risks and catalysts of the assets described in it. Any part of this analytical article is provided for informational purposes only, does not constitute an individual investment recommendation, investment idea, advice, offer to buy or sell securities, or other financial instruments. The completeness and accuracy of the information in the analytical article are not guaranteed. If any fundamental/technical criteria or events change in the future, I do not assume any obligation to update this article.
