One of the top analysts of the crypto market has predicted that Bitcoin will hit 18k to 19k before another leg down. However, Bitcoin going anything above this is still very unpredictable and remains a suspense.
Will Bitcoin price breach $18k?
The market still seems to be bearish and the bears should step in to see this kind of high. After hitting this level Bitcoin will come down again to a lower low. The other possible scenario is that it will not hit a lower low. Instead, it will hit a higher low; if the market is more bearish.
There is an expectation of Ethereum hitting a lower low. If Bitcoin takes the higher low, then Ethereum will have to go to a lower low for taking these lows. Bitcoin has already taken its liquidity from the lows. It is anticipated to go above Ethereum. Ethereum, along with other Altcoins will hit a low and then Bitcoin will start showing strength against them, ultimately breaking out.
Invalidation level is clearly starting at 16k, thus, the validation level according to the analyst should definitely be somewhere around 18k to 19k.
So, Is The Bear Market In Crypto Finally Over?
The bear market was predicted to end by 2022, as we enter the new year. However, it is still very prominent in the crypto market. The dust from FTX debacle has settled but the market is yet far from entering the bullish momentum.
A bear market occurs when the market experiences a long-term decline in prices. It typically describes a situation where security prices fall 20% or more from recent highs amid widespread pessimism and negative investor sentiment.
Bear markets are often associated with declines in the overall market or an index such as the S&P 500, but individual securities or commodities can also be considered a bear market if they experience declines of 20% or more over a long period of time—usually two months or more. This market can also accompany a general economic downturn, such as a recession. It can be contrasted with rising bull markets.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.