Analyst Kevin Svenson predicts the beginning of “the most boring stage of the market cycle”
According to the expert, the area of the least interest will become the area of greatest opportunities
21.11.2022 - 11:00
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What’s new? Cryptocurrency analyst Kevin Svenson said that bitcoin will soon enter “the most boring stage of the market cycle.” In doing so, he noted that the area of the least interest will become the area of greatest opportunities. “Buy when it’s boring and be willing to wait,” Svenson stated. According to the expert, it is unclear whether the market has reached a true bottom, but BTC is likely to spend the year sideways. As of November 21, 11:15 UTC, the asset is trading at $16 098, down by 3,13% in 24 hours, according to Binance.
#Bitcoin - is about to enter the most boring stage of the market cycle. The area of least interest but most opportunity. "buy when it's boring." ... and be willing to wait. It's unclear if the market has truly bottomed or not, but $BTC is likely gonna spend 1-year sideways. pic.twitter.com/24MaYc4FzP — Kevin Svenson (@KevinSvenson_) November 19, 2022
A sideways trend is commonly referred to as a flat or consolidation. It is a horizontal price movement in a certain range without a clearly defined trend. The price moves in a zigzag manner. The price lows and highs are practically on the same level. The strengths of bears and bulls are equal, which indicates the equality of sales and purchases.
Experts’ predictions. Earlier, analysts at JPMorgan said that the collapse of the FTX crypto exchange could push bitcoin to fall to $13 000. And research firm Fundstrat suggested that high market volatility would bring the asset’s rate below $10 000.
SpaceX and Tesla CEO Elon Musk predicted a prolonged downturn in the crypto market after the events related to FTX. Analysts at crypto exchange Coinbase said that FTX’s bankruptcy increased market volatility, potentially prolonging an already long crypto winter. They predicted that the downturn will last for several more months, or even until the end of 2023. On November 17, analyst Benjamin Cowen speculated that bitcoin could be on the verge of a serious bottom.
In September, Kevin Svenson warned of the negative impact of the rising dollar on the BTC rate. The expert allowed the possibility of the first cryptocurrency’s value to fall to $18 600.
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