Home 2022 Update: Forecast for Bitcoin

Update: Forecast for Bitcoin

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$BTCUSD $SPY

Bitcoin: we believe BTC’s near-term price action is still largely influenced by the S&P 500. Bennett also says that the S&P 500 looks overall bearish after failing to move above a Key mark.

“The S&P 500 failed to close above 3,900 last wk. Get below this short-term trend line [3,750], and 3,640 is likely next, followed by the 3,400 pre-Covid high. 3,400 is only a matter of time, in my opinion.

A move to 3,400 for the S&P 500 puts BTC at risk of another significant correction.

“3,400 is about 12% below current marks.

The last time the S&P 500 dropped 12%, BTC lost 33%.

That does not mean it will repeat exactly, but a 20%-30% drop from Bitcoin is reasonable if the S&P 500 tests 3,400.”

A tip of my hat to sovereign individuals with satoshis and Bitcoin in cold storage with our firm. Click here

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Have a prosperous day, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.