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Things don’t look good for Bitcoin, says expert

Things don't look good for Bitcoin, says expert

As the overall cryptocurrency market tries to regain strength and Bitcoin (BTC) struggles to hold above the $19,000 level, there could be more bad news for the leading digital asset.

Crypto trader and analyst Josh Rager suggested that “things don’t look so good right now” for Bitcoin. Using the S&P 500 stock chart as a reference, he stated that “it has rejected the upper level and looks like it wants to go lower,” as he emphasized in a tweet from September 20.

The S&P 500 has rejected the key resistance level at $4,310 over the past few days and looks set to move to the downside, as Rager concluded.

Given its historical correlation with the S&P 500, he thinks Bitcoin is in trouble, “faltering for the 5th time around support near $18,000-$19,000”. However, Rager is somewhat hopeful, as he believes “maybe we’ll get a rebound again,” adding:

We are currently flat, and I will be watching this.

In doing so, Rager suggested that the leading cryptocurrency could experience a significant rally in 2024, just after the halving, advising investors to “remain vigilant and monitor the market week by week.”

Experts provide information on Bitcoin trading

Meanwhile, another crypto trading expert – Rekt Capital – believes that Bitcoin may bottom out in the fourth quarter of 2022, taking into account the behavior of the token 517-547 days before the previous halving.

Meanwhile, Gareth Soloway, chief market strategist at InTheMoneyStocks.com, expects Bitcoin to fall to a low of $12,000, arguing that the token’s movements have much in common with those of the US dollar.

RELATED: Bitcoin Faces Final Drop to $12,000 – G. Soloway

The price of Bitcoin at the time of publication is $18,880, with no significant movements in the last 24 hours.

At the same time, its market capitalization amounted to 360 billion, maintaining its position as the largest cryptocurrency by this indicator, according to data from CoinMarketCap and CoinGecko.

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