Bitcoin price risks $29K ‘nosedive’ as Wall Street opens with fresh losses

Bitcoin (BTC), which lost bullish momentum at June 1 Wall Street Open, as US equities faced yet another day of retracement.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Zooming in, you can see that “nothing has changed.”

Data from TradingView and Cointelegraph Markets Pro showed a sharp U turn for Bitcoin/USD at the beginning of trading. $1,600 was achieved in just three hours.

The pair was trading at $30,400 at the time of writing. This is a return to the gains made in the previous days.

After Bitcoin’s initial plunge, support levels failed to offset Michael van de Poppe of Cointelegraph. $29,000 is now on Michael van de Poppe’s radar.

He tweeted, “Very Simple, Bitcoin must hold here to have an exam at $33K area possible,” as BTC/USD reached $31,150.

“If it doesn’t, this will nosedive quickly to the $29K range.”

Despite recent strength gains and two-week highs, the mood was not upbeat for many.

Popular trading account Crypto Tony has targets that go beyond the short-term. These include as low as $22,000 for those who have as little as $22,000.

$BTC/$USD – Update Since the beginning of February, my target was $22,000-24,000. This isn’t changing because I have a small pump. Zooming in on what has changed. Nothing pic.twitter.com/eKNAyT2pO3
— Crypto Tony (@CryptoTony__ June 1, 2022

Blake, a fellow account holder, noted that there was still weakness in stocks with which Bitcoin is highly correlated as a warning sign to not believe that crypto assets were at the bottom.

He stated that the SPX situation was a major reason he didn’t consider it a “buy-the-dip” moment for crypto and Bitcoin.

“I’m going to let the market do their thing for a while

After three hours of trading, the S&P 500 fell 1.1% and the Nasdaq Composite Index fell 1.1%.

Serving “hopium” in a hale

Filbfilb, the co-founder and chief executive of Decentrader trading software, suggested that there were historical patterns that could be used to help find positive chart features.

Related: Bitcoin could hit $14K in 2022, but buying BTC now is ‘as good and as it gets.’ Analyst

He said that current price action was still following Bitcoin’s lifetime trend, suggesting that the familiar pain-before–gain scenario was also now being played out.

He analyzed that if BTC/USD had reached the lowest point of its 2020 halving price, in November 2021 (which it did), then it would have approximately six months’ worth of bearish behavior before rebounding to its next halving in May 2024.

Pre 2024 halving would mark the end of bear correction. This means that correction will not be completed until Q1 2023. After which the cycle would look like this assuming we hit the bottom returns off the previous cycle like mentioned above sometime in 2025.https://t.co/3IqwyDs88c
— filbfilb (@filbfilb) June 1, 2022

Filbfilb cautioned however that the theory was more “hopium” than a prediction.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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