Market Sentiment and the "Crypto Oracle"
In recent months, a frequently cited analyst has suggested that Bitcoin (BTC) may not reach new highs, indicating a disruption in its long-term structure. This perspective has offered market participants a fresh viewpoint, especially through updates shared on COINTURK. Dubbed a “crypto oracle,” the analyst recently shared new insights. Let’s delve into the perspectives of multiple analysts on the current market dynamics.
Predictions from the "Crypto Oracle"
The crypto oracle previously warned when BTC broke below its 350-day moving average at $102,800 with a consecutive two-day close. Highlighting the disruption in BTC’s long-term trend, Roman Trading cautioned about the risks between BTC’s potential rise and the actual ascent it might experience. The analyst’s foresight allowed those who heeded his warning to avoid a $30,000 drop in BTC value.
A few hours ago, the analyst, sharing the above chart, noted:
“The bounce continues on the four-hour chart. All reasons for a bounce were identified, including an oversold RSI, oversold MACD, the formation of bullish waves, and nearing the 88,000 support. I don’t see this as a trend reversal but rather a relief bounce before the decline resumes.”
Should the prediction hold, we could see sales intensify after a false surge near $98,000. The forecast suggests a return to $88,000, potentially reaching a low around $70,000. For BTC, recovering the $102,800 level would indicate saving the 18-month upward trend, whereas hitting $107,000 could open the gate toward a new all-time high. The scenario is quite clear, yet the potential acceleration of the Federal Reserve due to Japan’s monetary actions in December could provide unexpected mid-term challenges to these predictions.
Further Analyst Targets and Market Indicators
Lark Davis emphasizes the significance of BTC’s monthly candlestick closes, notably as it lingers beneath the 50-week EMA and just above the 20-month EMA. The Federal Reserve’s meeting on December 10th and Japan’s anticipated rate increase on December 18th could impact the crypto market unless severely adverse employment data is released. For Davis, a BTC monthly close below the 20M EMA signals the onset of a bear market, with BTC needing to stay above $92,000.
A noteworthy Turkish analyst, Anlcnc1, points to the Coinbase Premium closing at a nine-month low, suggesting that as long as the focus remains on this point, the outlook remains bleak unless it turns positive.
“Yesterday, the Coinbase Premium Index hit nearly its most negative close in nine months. A turnaround is necessary; otherwise, positivity remains elusive.”