After seeing an initial breakout that has seen it race toward $25,000 in the past few weeks, the bearish sentiment has returned in the Bitcoin market. Nevertheless, the breakout and two-month rally have had a positive impact on many traders, restoring faith that the price could correct further. A recent Bitcoin poll on CoinMarketCap which involved over 20,000 people has set the end of September price close to the $30,000 mark.
It’s obvious that people believe that the price could go up further, and that could happen soon. It’s the jump Bitcoin and the crypto market desperately need in a year where things have gone awry. This year was supposed to be a major breakout for Bitcoin, but the Russia-Ukraine war and the fall of other commodities have resulted in a strong bearish pull.
Struggling to Stay Afloat
Bitcoin is once again struggling to stay above $21,000. It’s been up and down in the past 24 hours, even dipping below $21,000 at one point. At the moment of writing, it’s trading at just over $21,320, but struggling mightily to stay above that point. According to experts, the asset is stable right now, but could see strengths from Eurozone activities soon.
It’s good that Bitcoin is somewhat stable in its price range while the other assets decline. The Euro has just fallen under the US Dollar, but if it reverses and stocks bounce too, Bitcoin could find some decent strengths.
On the other hand, podcaster Peter Schiff who’s also the CEO of Euro Pacific Capital expects Bitcoin to fall down the ladder further. He’s a vocal Bitcoin critic who believes crypto is a scheme that doesn’t work, and he’s taken to Twitter to warn users of another dump soon. According to his tweet, CNBC has been pumping up Bitcoin pretty hard recently, leading many people to invest in crypto. He thinks it’s a bad move as there’s a major dump coming soon, reigniting fears about a bearish winter.
Schiff’s warnings have come true this year, and he never forgets to boast about it on Twitter. However, he’s been a vocal opponent on Bitcoin, so his warnings should be taken with a pinch of salt.
Crypto analyst firm Rekt Capital believes that Bitcoin could soon correct further. It has cited it trading above the 200-week moving average, noting that historically, the asset has plunged once it breached that level. BTC has already declined 21% below the 200-week MA earlier in June, which is in line with previous occurrences.
Fears about a possible harsh crypto winter mirror the upcoming energetic and financial crisis. By all means, the upcoming winter should be the toughest one in decades, and this will surely reflect in the crypto market. It would be great if Bitcoin stays afloat until then and survives the winter unscathed. The whole market will most likely collapse if Bitcoin’s price falls further down the ladder, but if the recent poll is right, there’s a major correction coming by the end of September that might set the ship’s sails the right way.