Bitcoin: What experts think of BTC’s price trajectory in 2022

ambcrypto.com:

Bitcoin [BTC] has been witnessing some turbulences in the last few days. The price of the king coin and other cryptocurrencies dropped on 5 September. At press, the king coin was changing hands at $19,307 after noting a 2.99% increase over the last day. However, in the past seven days, it declined by 3.85%.

In this regard, Bloomberg analyst Mike McGlone stated, “Bitcoin is a wild card that’s ripe to outperform when stocks bottom, but transitioning to be more like gold and bonds.”

Furthermore, as per the analyst, it is “ready” to outperform once traditional markets reach their bottom. 

McGlone, via his recent post, noted that the stock market direction would be determined by the U.S. Federal Reserve’s tightening. He further claimed that BTC remains a wildcard that could defy the trend. Additionally, many analysts and investors believe and agree with McGlone.

Just like some find BTC bullish, there are yet some who believe that BTC stays risk and bear-prone. Bitcoin, at press time, was trying to cross its psychological level of $20,000. Furthermore, risk aversion once again washes through the markets, according to Craig Erlam, an analyst at Oanda, a global company offering leading currency solutions for both retail and corporate clients.

Given that the June lows, which were around $17,500, are the next important level below this one, a substantial breach at this time may be quite harmful.

Craig’s bearish view is shared by other analysts, too. Naeem Aslam, an analyst at broker AveTrade says,

“Bitcoin’s daily range has narrowed massively, and this is giving us an indication that a massive capitulation is coming.”

Aslam gave justifications to support his assertions. Additionally, traders have been defying sell pressure to maintain