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Bitcoin course at a turning point – Analysts predict a new downward trend

 


Bitcoin ( BTC ) has arrived at an inflection point and is facing macroeconomic forces that could shape its price for “the next few months”.


In their current forecast report, the analysts from Decentrader come to the conclusion that the Bitcoin price is currently at the "annual turning point", which sets the further direction.

After the market-leading cryptocurrency tested the support at $43,000 twice this month, sentiment has turned negative again.


In particular, the downturn back below the USD 46,200 mark, which marks the important opening price for the year, was a blow on the minds of investors, because this hurdle had been an apparently insurmountable resistance since January 1, 2022.


The return is now accompanied by prophecies of doom for further losses , with Decentrader already seeing the Bitcoin price in the critical area. This is because of the annual turning point, which is estimated at 43,500 US dollars for 2022, i.e. in the immediate vicinity of the current price level.


"Bitcoin has been rejected at the annual turning point and has not broken through that mark in any of the past four-year price cycles after the top was reached once," explains analyst Filbfilb in this regard.


To which he adds:


“While highly likely, it would be disappointing for the bulls who still have a glimmer of hope after breaking the major weekly support/resistance at $43,000.”


Accordingly, BTC/USD would soon return to the downtrend, as a jump above the turning point is extremely unlikely from a historical perspective. Should this happen, however, this would be an extremely positive sign for the Bitcoin course.


This is what the expert says:


“A jump above the annual turning point would break with the previous tradition of four-year cycles and would be a clear indication that Bitcoin is on the way to much higher spheres. First, however, the bulls need to hold weekly support to prevent a return to the bottom right now.”


Headwind picks up

Apart from the turning point, the further monetary policy of the American central bank should also play an important role in the further development of the market-leading cryptocurrency.


As such, it is likely that the actions the Federal Reserve will take to combat inflation will have a significant impact on the stock market, which will inevitably drag BTC and many altcoins down as well.


Filbfilb also sees these measures as a strong headwind that could have a decisive impact on the Bitcoin course “in the coming months”.


It is accordingly uncertain how long Bitcoin can remain in the upper ranges. Although the funding rates continue to make traders positive, as they hope for further gains, the discrepancy with the current price development could lead to a domino effect that leads to the downside.


Coinglass data shows that significant long positions have already been liquidated this week, with the last seen in January.

Liquidity above and below the current price level continues to make a squeeze in both directions possible, which is why a jump above the psychologically important $50,000 mark is at least conceivable in the short term. This could perhaps prevent the probable downward trend at the last second.


At the time of writing, however, bitcoin is trading below €40,000 in euros, further dampening sentiment, at least in the European market.

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