Bitcoin’s latest prediction-turned-reality can be an investor’s nightmare because…

ambcrypto.com:

Bitcoin’s [BTC] almost 5% recovery on 14 October might not be the icing on the cake needed for a bullish revival. According to BaroVirtual, a CryptoQuant analyst, such events occurring in a full-blown bear market indicated a catastrophic outcome.

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Here’s AMBCrypto’s Price Prediction for Bitcoin for 2022-2023

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In his latest analysis, BaroVirtual pointed out that the BTC close/low ratio signaled that the rebound would eventually result in a price correction.

Source: BaroVirtual on CryptoQuant

Interestingly, the analyst’s projection seemed quick to come to life. This was because it did not take long before Bitcoin succumbed to the bidding of bears. At the time of this writing, BTC was trading at $19,177— a 2.74% decrease in the last 24 hours. However, it did not look like the decline would end at 2% to 3%. 

Based on the four-hour chart, BTC sellers had more edge over the strength of the buyers. The Directional Movement Index (DMI) showed that the positive part (green), which reflected the buyer edge was 16.77. 

In contrast, the negative DMI (red) favored the sellers above the positive at 27.54. While bulls may have hoped that the directional strength was not strong enough, the Average Directional Index (ADX) proved otherwise. With the ADX (yellow) at 32.23, it was almost inevitable that BTC’s bearish momentum might last for a while before any bullish signs revealed themselves.

Hence, the defending zone from which BTC bulls may have expected a run might not be in the short term.

Source: TradingView

More so, BTC traders also seemed to have reduced centralized trading