Bitcoin clings to $19K as trader promises capitulation ‘will happen‘

Bitcoin (BTC) remained rigidly tied to $19,000 through the weekly close on Oct. 16 as analysts warned that volatility was long overdue.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

Analyst: BTC volatility a ‘matter of time’

Data from Cointelegraph Markets Pro and TradingView captured a lackluster weekend for BTC/USD, as the pair was little moved in after-hours trading.

After economic data from the United States sparked a series of characteristic fake-out events throughout the week, Bitcoin returned to its original position and at the time of writing was showing no signs of exiting its established range.

For Michaël van de Poppe, founder and CEO of trading platform Eight, it was not a question of if, but when, unpredictability would return to crypto.

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“It’s a matter of time before massive volatility returns to markets after four months of consolidation,” he says said Twitter followers that day, adding:

“The majority still expect markets to continue down, but I think the odds of upside momentum have increased.”

The week’s macro numbers managed to spark a run to one-week highs for BTC/USD, with another popular commentator, Crypto’s alias il Capo, claiming that a bear market recovery rally could yield $21,000 before the downside resumes continues.

In a Twitter update ahead of the week-end, she uncovered a belief that the “entire market” would win.

“There will be surrender, but not yet,” they said added in the context of a subsequent discussion on the market prospects.

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With that, Bitcoin came close to ending the second week of “Uptober” down 1.5% month-to-date – its worst performance since 2018 and a long way behind its 40% gains in 2021.

Chart of monthly BTC/USD returns (screenshot). Source: coin jar

Stock cloud crypto future

Looking ahead, market participants took the ongoing correlation with stock markets as evidence that the near-term outlook for Bitcoin was far from rosy.

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As the Nasdaq Composite Index posted its first weekly close below the 200-period moving average in fourteen years, comparisons to the dot-com crash and the global financial crisis of 2008 were rife on social media.

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“This was a defining moment for the two previous 50-80% bear markets in 2000 and 2008,” said Nicolas Merten, founder of YouTube channel DataDash. commented in a post on the topic, adding:

“#bitcoin has never seen anything like it so expect a lot more pain.”

Nasdaq 100 Index 1-week candlestick chart with 200MA. Source: TradingView

As Cointelegraph reported, not everyone has been bearish in the short-term, as LookIntoBitcoin creator Philip Swift has announced a 2022 bear market by the end of the year.

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.