The new edition of Cryptocapital addressed the systematic decline of Bitcoin and the Merger of ETH. Invited experts agreed that Bitcoin needs to “raise liquidity” before rising in price.
In the latest Cryptocapital program on Capital Radio, hosted by Sergio Fernández, specialists agreed that there is no current price for the consolidation of Bitcoin, despite the fact that it has lost correlation with the S&P 500, so it will continue to show long-term weakness that could be reflected at a price between 10,000 and 8,000 thousand dollars, since the current situation is “very complex”.
Bitcoin has ranged between $20,500 and $19,600 in the last week, meaning it has yet to start any kind of significant upward movement, and if it is moving higher, the closest resistance area would be found at $21,700. An analysis by BeInCrypto exposed that Bitcoin is technically still trading below a descending resistance line even in the shorter term.
The Panel of Experts
The panel of experts from the Cryptocapital gathering maintained that Bitcoin would seek to raise liquidity before its bullish cycle, so it will continue to fall in price in the remainder of the year, coupled with the fact that the global economic situation will not improve, which will mean complicated months for cryptocurrency.
At the end of August, Bitcoin was trying to break a descending resistance line to increase the support/resistance zone near $22,000, but it did not happen and was reflected in its price on August 26, when it fell to $19,500 and since then, the Price has not recovered and its closest support area since then is at $19,000.
Bitcoin Lacks Trend and that “is Worrying”
The guest at Cryptocapital, David Leyguarda (@DavidLeyguarda2), argued that since there is no trend in the price of Bitcoin, it could continue to fall continuously:
“We have tried to follow a statistical pattern and the probability is on our side and 3,700. The sequence of highs and lows can be made less fast and the low could mean that price if it continues to lose. Another trend could be $10,000, and we can see that the crypto world has not been encouraged to enter. The trend indicates that it could go lower, there is no real consolidation of the price. It is manipulated and retail is the one that is suffering because there is no one who is selling either. $8,000 would be another area.”
For Bruno San Martín (@BRUNOCRIPTO_), invited to the crypto gathering, the increases in interest rates by the United States Federal Reserve (Fed) would mean “negative months” for the price of Bitcoin:
“In the coming months interest rates will rise, we have a negative end of the year, the following year will be lateral in falls. The market could recover. And then one last drop of $10,000 to collect liquidity and when the economy improves, it will start to rise. If we go down to $4,000 it would scare me. It would be a natural market cycle. The 10,000 dollars coincides with the 85% drop that we had in the bear market.”
Experts Agree There Are “Too Many” Expectations for the ETH Merger
For the host of Cryptocapital, Sergio Fernández (@Sergio_fdez_7), the Ethereum Fusion could be similar to the update that Cardano had, which after the hype, ended up collapsing.
Cryptocapital’s guest panel ruled out that Ethereum can influence the price of Bitcoin, but it can translate into unusual returns that would not benefit the crypto market, except for some altcoins that operate as Blockchain startups, and even, they predicted that the price of ETH would decline due to the “unfounded over-expectations” that exist about the Merger.
By Audy Castaneda
