Bitcoin, after falling down to around $15,600 on November 22, has been able to climb back up to the $16,000 region thanks to the bulls that exerted every ounce of effort to pull the maiden crypto from such a hole.
At the time of this writing, according to tracking from Coingecko, the largest cryptocurrency in terms of market capitalization is trading at $16,492 and up almost 2% during the last 24 hours, and increasing 4.3% over the last seven days.
Despite its recent gains, BTC and the overall crypto market are is still reeling from the effects of the collapse of the FTX exchange platform, losing almost $100 billion in overall valuation.
Moreover, investors and holders might want to hold their breath for now as the escalating unrest in China might prove to be a doom for the leading digital coin.
Analyst Believes China Situation Could Pull Bitcoin Below $16,000
Despite expressing his relief that the bulls have managed to stabilize the price of BTC, Jim Wyckoff, the famed Kitco News analyst implied that the asset is not yet out of the woods and is still in danger of a further slump.
According to Wyckoff, this might have something to do with the ongoing social tension in China that started over the weekend following the death of some people who were believed to have been unable to escape a fire incident because of the strict COVID-19 protocols being implemented by the country’s authorities.
Image: Crypto Insiders
The analyst said:
“While the BTC bulls have stabilized prices since they hit a two-year low last week, the bulls are disappointed because prices have not seen safe-haven demand amid the China civil unrest over the weekend.”
He added that the bears actually have the overall near-term technical advantage but luckily the sideways price action ended up being in favor of the bulls.
Crucial area of #Bitcoin couldn’t break, so we’re still consolidating within that range.
On support now.
If this is lost, I’d expect new lows to be seen on the markets, probably depending on China & FTX contagion this week. pic.twitter.com/hWp1BF8peB
— Michaël van de Poppe (@CryptoMichNL) November 28, 2022
BTC At $9,000 In 2023, This Trading Expert Says
Gareth Soloway, a trading expert and the Chief Market Strategist for InTheMoneyStocks.com heralds more bad news for the Bitcoin community.
By utilizing the same formula that was used to predict the decline of the stock market five to six months following the collapse of Lehman Brothers, Soloway was able to deduce that Bitcoin might crash all the way down to $9,000 owing to the implosion of the FTX.
Despite this, the market strategist still believes in the crypto especially with its long-term potential and has publicly stated that he will “hold more.”
“I’ve already basically accumulated what I would consider to be one-sixth of what I hope to hold in long term,” said Soloway during his November 26 interview where he mentioned the grim future of Bitcoin.
Meanwhile, the trading expert remains bullish about his thoughts about gold, a worthy competitor of Bitcoin as a store of value which now trades at $1,728.
BTC total market cap at $316 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com