For the whole cryptocurrency market, both in terms of pricing and general events, the previous week was largely favorable. While the FTX meltdown hangs over the industry, most market players continue to be concerned about the contagion that is spreading.
However, the outlook for the price of bitcoin has changed from bullish to bearish as the king cryptocurrency consolidates in a tight range between $16,000 and $17,250 as a result of existing FUD.
BTC Price Heading To This Level
Veteran trader and analyst Peter Brandt predicted that the price of Bitcoin will fall to $14,000. CTO of Digital Wealth Daniele Bernardi says that the price of bitcoin will fall to $14,500. Although, the analysis by Bernardi is supported by a mathematical examination of computer models built using previous Bitcoin price information.
“Bitcoin is extremely repetitive in the cycle, based on the halving that happens more-or-less every four years, and which cuts rewards for miners. So basically we analyze a lot of the quant data related to this, and discovered a huge pattern in these movements.”
According to another expert Michael van de Poppe, the price of Bitcoin will reach $10,000. However, if it rises above the $16,800–17,000 area, the price of bitcoin might skyrocket to $18,400. He said that the range for support is $16,250–16,450.
Fundamental sentiment is still bullish: Raoul Pal
While the crypto industry is experiencing a strong bearish sentiment, macro specialist and former Goldman Sachs executive Raoul Pal says its fundamentals are still solid. In a recent interview with Impact Theory co-founder and host Tom Bilyeu, Pal said that investor negativity is at its highest level ever, but also said that this whole thing is a psychological and long-term game.
“If you look at the past cycle, so the 2017 peak to the low in 2019, we lost about 80% of the active wallet addresses. When I look at it now, we’ve lost about 30% because the adoption keeps rising,” said Raoul Pal.
Source: https://coinpedia.org/bitcoin/bitcoin-price-analysis-14k-or-18k-what-next-for-btc-price/