Analysts say Bitcoin’s bounce at $36K means 'it’s time to start thinking about a bottom'
Bears remain in full control of the cryptocurrency market on Jan. 24 and to the shock of many, they managed to pound the price of Bitcoin (BTC) to a multi-month low at $32,967 during early trading hours. This downside move filled a CME futures gap that was left over from July 2021.
Data from Cointelegraph Markets Pro and TradingView shows that the $36,000 level was overwhelmed in the early trading hours on Monday, leading to a sell-off that dipped below $33,000 before dip buyers arrived to bid the price back above $35,500.
Here’s a look at what several analysts are saying about the macro factors at play in the global financial markets and what to be on the lookout for in the months ahead.
For several weeks the dominant conversation in U.S. financial markets has been the prospect of up to four interest rate hikes by the Federal Reserve over the course of 2022, which many people have claimed will put an end to the current bull market.
But according to financial analyst and pseudonymous Twitter user Tascha, this is a common misconception because “rate hikes don’t kill risk assets.”
Tascha said,
Further insight into Tascha’s tweet was provided in the following reply from pseudonymous Twitter user RK Maruvada.
A bit of hope for the crypto faithful was provided by technical analyst and Bollinger Bands creator John Bollinger, who posted the following tweet suggesting that “it’s time to start thinking about a bottom in cryptos.”
It's time to start thinking about a bottom in cryptos. However the ability to get outside the lower Bollinger Band repeatedly strongly suggests a retest of some sort will be needed. My plan is wait for a bottom and a bounce, then look for a retest as an entry. $btc, $eth, $ltc...
While the well-known analyst
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