Facts:
Facts related to Bitcoin Price Prediction
- The price has fallen below the $30,000 support level and is currently trading around $28,000.
- The RSI indicator is in the oversold territory, suggesting that the price may be due for a rebound.
- However, the MACD indicator is still bearish, suggesting that the overall trend is still down.
- The release of CPI and PPI data next week could trigger volatility in the market.
Analysis:
The author of the article is a Bitcoin trader who has been providing weekly market analysis for his followers. In the previous Sunday report, he predicted that Bitcoin would likely fake pump to the liquidity pool at $28,000 and then go down to neutral level. This prediction came true, and the author is now expecting a sideways movement until next week.
The author believes that the market will remain bearish in the short term, but volatility is expected to pick up next week due to the release of CPI and PPI data. These are two important economic indicators that measure inflation and producer prices. If the data comes in higher than expected, it could lead to a sell-off in Bitcoin and other risk assets.
The author also warns his followers to be wary of other accounts that are promising a new bull market, as the chart, liquidity, psychology, and BTC cycle are all pointing to further downside. He believes that the market is still in a bear market and that a new bull market is not likely to start until 2024.
Conclusion:
The author’s analysis is based on technical analysis and fundamental analysis. Technical analysis looks at the historical price movements of Bitcoin to predict future price movements. Fundamental analysis looks at the underlying factors that affect the price of Bitcoin, such as supply and demand, regulations, and adoption.
The author’s analysis is credible and based on sound reasoning. However, it is important to remember that no one can predict the future with certainty. The market is unpredictable and can move in unexpected ways. Therefore, it is important to do your own research and make your own investment decisions.