"The Final Stage of Crypto Winter. What will happen to bitcoin in the next week
Head of analytical department of AMarkets
Bitcoin began this week with a level of $19.6 thousand, and then fell to $18.8 thousand. Dynamics is clear - these days the new data on the Eurozone economy, which clearly showed the strengthening of the crisis phenomena. Inflation in the EU is 9.9%, while in the UK it is 10.1%. New records, inflation is not going down.
Next week the central banks of Canada, Japan and the ECB are expected to meet. New quarterly GDP data is coming out, including U.S. business activity indices. Obviously, any negativity (and the data will certainly show it) will once again confirm that the world is entering a global recession with a deep recession and a very prolonged one.
Against this backdrop, investors (who haven't already done so) will be out of risk again, and crypto-assets are the first in line. Therefore, it is likely that at the beginning of the week (before the data release) bitcoin may show a weak rebound, and after the publication of statistics will start to fall again.
Each new rise is weaker than the previous one and each new fall is deeper than it was before. So it is likely that by the end of the week we should expect bitcoin value at $16.5-17 thousand per coin or less.
"Next week is unlikely to be an exception."
Bestchange Senior Analyst
We expect a moderately negative week, bitcoin with a high degree of probability will continue to be in the long-established range of $19-22 thousand, but predominantly at the lower boundary of this zone. That's because both technical indicators point to stagnation and medium-term fundamental ones do not inspire optimism, while short-term fundamental ones point to potential pressure from the bears because of another futures expiration at the end of the week on October 28.
All of the previously planned market highlights have passed and the market is obviously entering the final protracted stage of the "crypto-zima". In the nearest weeks, if not months, we expect prices at the same levels, and the next week is unlikely to be an exception. Therefore, even if there are rare attempts to "break through" the existing "sideways" trend, but they will not have long-term consequences.