- Experts realize they may have overestimated the market’s ability.
- The focus has shifted to 2022, as price forecasts have dried up.
The crypto market’s dread of a sluggish comeback to higher levels may easily persuade investors to feel it’s going to go more down. With traders still processing the effect of the previous — a significant price decrease that reached $41,900 at one point — Bitcoin (BTC) begins a new week.
It’s a tight race now between a slight rebound and some serious opposition, not least of which is $50,000. There is still a long way to go before Bitcoin (BTC-USD) reaches $50,000, but prices look to be stabilizing after the weekend’s violent drop. A 17-percent drop in the price of Bitcoin occurred on Saturday when it fell to $44,000.
When it concludes Q4 2021, experts realize they may have overestimated the market’s ability to achieve a blow-off high. Many are worried that the price of BTC will have to drop another level before it can start recovering.
BTC Down More Than 16%
BTC/USD is presently down at $48,000, down 17 percent in a week after reaching $50,000 earlier this weekend. Thirty-nine percent is a big but not record-breaking fall in Bitcoin terms compared to all-time highs of $69,000 overnight on Friday.
The focus has shifted to 2022, as price forecasts have dried up. Open interest in Bitcoin futures has returned to levels last seen in September at prices comparable to the bottom of the slump, thanks to the events of Friday.
Due out later this week, consumer pricing index (CPI) data might add gasoline to the fire currently raging in macro markets. Even October’s shocking 6.2 percent year-on-year CPI number is expected to be surpassed in November. Lyn Alden, a financial critic and the creator of Lyn Alden Investment Strategy, was aware of economists’ predictions. According to her, this month’s findings would be influenced by a lagging indicator: housing.
