According to the analyst, who announced the short-term Bitcoin plans after the decline in the bitcoin price, the BTC price could drop to $ 9,200. The analyst argued that this decline was also due to traditional market movements.
Nico Muselle, who posted analysis articles on TradingView, evaluated short-term scenarios for Bitcoin. The analyst argued that the next move for Bitcoin is to test the previous hardening zone, and said BTC could take 2 different paths.
One of these ways is for Bitcoin to continue its bullish rally by finding a support zone in its current price range. Saying that he did this in his decline about 20 days ago, the analyst argued that this support zone could be reconsidered with the bulls’ buying strategies.
Another option is for Bitcoin to return to $ 9,200, the hardening zone it broke in July. Bitcoin, which has been above this level since July, used $ 9,200 as a consolidation zone between April and July, and showed a stable chart here. It is possible that Bitcoin will now return to this point for support, according to the analyst.
Bitcoin Is In High Sensitivity With The Traditional Market
In the article he published, the analyst also touched on Bitcoin’s SPX index and its relationship with the dollar. According to the analyst; Which of the above scenarios Bitcoin will follow depends largely on the S&P 500 and USD pair. Because, according to Nico Muselle, the investment in Bitcoin has not yet fully consolidated its place as a safe haven.
So everything goes in favor of Bitcoin; If the SPX rises and the dollar depreciates, Bitcoin may find support for a new uptrend at its current price ranges. However, the strengthening of the USD wing and the decline of the stock markets may invite Bitcoin to decline to the $ 9,200 level.