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Has BTC bottomed out? Bitcoin forecast from the cryptocommunity

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The most capitalized cryptocurrency bitcoin (BTC) started the new business week with a burst of growth. The coin showed positive movement without renewing the lows predicted by our experts. Has BTC passed the expected bottom, and what movement prospects are open before the cryptocurrency?

Can bitcoin go back down? The cyclical minimum of bitcoin can be fixed near the level of $10,000. As of the moment of writing this review, the minimum mark to which BTC has fallen within the cycle is fixed at $17,708.

The cryptocurrency went up despite news that the trustee of the Mt.Gox cryptocurrency exchange, which went bankrupt in 2014, has begun preparations to reimburse creditors. Members of the cryptocurrency community speculate that many of the coin victims of the trading platform will rush to dispose of their digital assets. In this case, the market could face a wave of sell-offs, which will negatively affect the bitcoin exchange rate.

At the time the plan was approved, the cryptocurrency trading platform had 137,891 BTC (more than $3 billion, at the current exchange rate). By comparison, MicroStrategy, the largest bitcoin investor, had 129,699 coins under its control.

However, a survey by analyst PlanB showed that the Mt.Gox cryptocurrency sell-off is not the biggest problem on the BTC path in 2022, according to members of the cryptocurrency community. Most respondents believe bitcoin’s behavior is significantly influenced by factors such as stock market behavior and interest rate levels.

Traders expect the Federal Reserve to raise interest rates by 100 bps in July 2022. The regulator may take such a step amid accelerating inflation in the country. The next meeting of the Fed is scheduled for July 26-27.

Bitcoin is also under pressure from miners. Market analysis shows that BTC miners in the cryptocurrency community continue to capitulate.

Many members of the cryptocommunity believe that bitcoin has already passed the bottom, and that the cryptocurrency is waiting only for growth. For example, a youtuber who runs a channel under the nickname Crypto Rover recorded a “triple bottom” pattern on the coin’s chart. Regarding technical analysis, its formation may indicate a trend reversal. As for bitcoin, the appearance of “triple bottom” can be considered as the end of the fall and the coin’s exit to growth.

Crypto Rover also drew attention to the fact that the sentiment of bitcoin investors during the record number of days is at the level of “extreme fear”. Such periods, according to his observation, preceded the coin’s rise.

Another bitcoin prediction was provided by a member of the cryptocommunity under the nickname Stockmoney Lizards. He tried to project the possible trajectory of BTC using an analysis of the coin’s movement in past cycles. According to Stockmoney Lizards’ calculations, bitcoin passed the bottom, and is preparing for a new growth phase. 


Cryptocurrency

Voyager Digital is restructuring and preparing for sale

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voyager crypto

Cryptocurrency broker Voyager Digital said it is preparing a plan to restructure and resume cash withdrawals from the platform

According to Voyager Digital, the company has developed a plan that includes its potential sale. Unnamed sources at Voyager say the company has received several buyout offers that were “higher and better” than the earlier FTX offer.

Judicial authorities have agreed to a submitted restructuring plan, and approved bidding procedures, should a sale of Voyager crypto assets be considered appropriate. In doing so, the court set an Oct. 3 date as the deadline for filing claims against Voyager. The company’s next hearing date is set for Sept. 8.

Additionally, Voyager said it plans to “restore access” to deposits and cash withdrawals, which would be another step for the company to restructure and regain customer confidence:

“Yesterday, the court approved our proposal and restored access to cash held in accounts at Metropolitan Commercial Bank. We realize how important it is to have access to our funds. Access to the Voyager app to withdraw cash in U.S. dollars is expected to resume on Aug. 11. The daily limit per user will be $100,000.”

Recall that cryptocurrency broker Voyager Digital received approval from the New York District Court to pay customers some of the funds from the $350 million blocked earlier in the bankruptcy case.



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Mike McGlone: Ethereum and Bitcoin oversold

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Bitcoin oversold

A senior commodities strategist at Bloomberg Intelligence believes that according to technical analysis of the market, leading cryptocurrencies are selling below their real value.

Mike McGlone drew on a lot of observations, but focused on a specific indicator that showed Bitcoin oversold and Ethereum oversold. 

“The benchmark cryptocurrency hit its lowest level since the 100-week moving average in July. This situation represents an extreme discount on a sustained bullish trend in the market.”

The analyst stressed the importance of stocks, which have repeatedly shown a marked correlation with bitcoins. The Bloomberg expert notes that the role of the Federal Reserve (Fed) should not be underestimated.

“Not trying to go against the Fed. That’s my firm belief, especially when it comes to high-risk assets,” McGlone said.

Bitcoin and cryptocurrencies were a key part of the 2021 rush, and bitcoin and ether will still come out ahead in 2022, he said:

“Bitcoin is on its way to becoming a global digital security, and Ethereum has become a major driver of the digital revolution, as evidenced by the ability to use the most widely traded cryptocurrencies, dollar tokens.”

Anthony Scaramucci, founder of the crypto fund SkyBridge Capital, based on his experience investing in cryptocurrencies, believes that BTC and ETH are fundamentally undervalued and technically oversold.



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Chainlink protocol developers refused to support next Ethereum fork

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next ethereum fork

Ethereum is preparing to switch to PoS, and the community expects forks of the second cryptocurrency to appear on the old PoW algorithm. However, Chainlink developers do not plan to support the next Ethereum fork.

The developers of the Chainlink decentralized oracles network emphasized that oracles will work both during the next Ethereum fork on the Proof-of-Stake (PoS) algorithm and after that. However, they warned that forks of the second cryptocurrency, including on Proof-of-Work (PoW), are not planned to be supported.

“This decision is consistent with Ethereum Foundation decisions and the general view of the Etherium community,” Chainlink said on its website.

Developers have also advised decentralized app creators to disable functionality during the merger to “avoid unforeseen incidents and protect end users.” Also, developers need to make sure that dependencies on external projects and applications will work after the transition of Etherium to PoS.

As a reminder, Chandler Guo, a major Chinese ether miner, previously announced a new ETHPoW minority network for miners who want to “escape” from Etherium 2.0.



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