Bitcoin has done well in the past week with several rallies that have brought the price of the digital asset back to the level of the beginning of November 2022. However, while investor sentiment seems to have recovered significantly, not everyone expects BTC to continue doing well. Coinmarketcap’s Price Estimation feature shows that many investors expect cryptocurrency prices to drop over the next two weeks.
12% Reject For Bitcoin
Coinmarketcap’s Price Estimation feature allows users to enter a forecast for the price of a digital asset and then generates an average price based on everyone’s prediction. This can help give a good feel for the community and how to find assets.
As for bitcoin, it seems that not many investors expect the pioneering cryptocurrency to continue this recovery trend. With more than 19,000 price forecasts submitted, the median is a 12% drop in the price of bitcoin in the coming two weeks. The decline would actually see the price of BTC drop to $18,634, a loss of more than $2,500 from its current value.
This bearish sentiment did not stop at the end of January but continued in the following months. The average price for February was $18,981, which is a decrease of more than 10% from the current price, and the outlook for March is almost the same in this regard.
A decline is expected over the next six months with median prices falling. The estimates fall between 14-18% for the months of April, June, and July.
Bearish outlook for BTC in the next six months | Source: Coinmarketcap
Will BTC Come Under Bearish Pressure?
Over the past week, the price of bitcoin has managed to clear several important levels. It includes the 50- and 100-day moving averages, reinforcing the bullish trend in the short term. However, while digital assets are still bullish for the short term, there may be more bad news for the long term.
One important technical level that BTC has yet to clear is the 200-day moving average. This is perhaps one of the most important indicators that digital assets will continue to rise into the next few months. It is currently sitting at $22,738, which means that another 5% rise from the current price could bring BTC a thumbs up with this indicator.
If bitcoin clears this, the selling pressure will decrease as more investors try to get into the asset. This will lead to a test of the resistance level of $22,400, which will be easily overcome as long as there is no decline. Ultimately, bitcoin’s performance over the long term will depend on its ability to move enough to break the 200-day MA.
BTC price is now above $21,100 after failing to break the $21,500 resistance level.
BTC price drops below $21,200 | Source: BTCUSD on TradingView.com
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