As of late, the cryptocurrency market seems to be stuck in a rut, despite some occasional signs of life from its major assets, leading crypto analysts to speculate on the future price movements of Bitcoin (BTC) based on its current patterns.
After identifying the so-called ‘bouncing ball pattern’ in conjunction with a rally, crypto trader and analyst Josh Rager noted on October 16 he does not see much hope for the flagship digital asset in the near future.
Basing his opinion on the technical analysis (TA) of the crypto coin’s price action, the crypto expert stated that he was “never a fan of the bouncing ball pattern with rallies,” adding that “it never ends well.”
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Stock market correlation
However, Rager also voiced his hopes that the stock market could pull Bitcoin back up, due to the historical correlation of the maiden cryptocurrency with this traditional asset market. As he added in the comments to his tweet, “Btc moves based on stocks.”
Meanwhile, Bitcoin’s historical correlation with the stock market might not remain the best predictor for the token’s price activities as it might outpace it at a certain point, at least according to the pseudonymous crypto trader and LedgArt co-founder Kaleo.
Indeed, Kaleo has earlier suggested that the decentralized finance (DeFi) asset’s current activity “should give it a clear shot to outpace SPX back to the 2017 ratio ATH and higher,” as Finbold reported.
At the same time, Gareth Soloway, the chief market strategist at InTheMoneyStocks.com, has suggested that BTC was facing a “worst case scenario” that will likely see it correct further towards $3,500, as well as cautioned that the divergence from stocks would not come anytime soon.
Party like it’s 2024?
That said, it is worth noting that Rager also suggested in mid-September that Bitcoin could be in for a significant rally, but in a couple of years, stating that “the real party won’t start until 2024,” just after its next halving event is predicted to occur.
As things stand, Bitcoin is still struggling to surpass the coveted $20,000 price barrier, and at press time was valued at $19,260 – up 0.63% in the last 24 hours, but down 0.87% across the previous week, as per CoinMarketCap data.
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