As the general cryptocurrency market tries to regain its strength and Bitcoin (BTC) struggles to stay above the $19,000 level, there could be some more bad news in store for the flagship digital asset.
Indeed, crypto trader and analyst Josh Rager suggested that “it’s not looking so good right now” for Bitcoin, using the S&P 500 Index equities chart for reference, stating that “it rejected off level above and looks like it wants lower,” as he highlighted in a tweet on September 20.
S&P 500 movements. Source: Rager
According to the chart, S&P 500 rejected the key resistance level at $4,310 over the past few days and is looking to be going in a downward direction, as Rager concluded.
Considering its historical correlation with the S&P 500, he believes Bitcoin is in trouble, “hovering at support for near $18k-$19k for the 5th time.” However, Rager is somewhat hopeful, as he says, “maybe we get a bounce again,” adding, “I’m flat currently and will keep an eye on this.”
That said, Rager has suggested that the maiden cryptocurrency could experience a significant rally in 2024, right after the halving event, advising investors to “stay vigilant and take the market week by week.”
Experts give Bitcoin trading insight
Meanwhile, another crypto trading expert – Rekt Capital – believes that Bitcoin could bottom in the fourth quarter of 2022, taking into account the token’s behavior 517-547 days before its previous halving events.
At the same time, Gareth Soloway, the chief market strategist at InTheMoneyStocks.com, expects Bitcoin to drop further to a low of $12,000, claiming that the token’s movements have a lot to do with those of the U.S. dollar, as Finbold reported.
Bitcoin price analysis
As things stand, Bitcoin’s price at press time was standing at $18,991, which represents a decline of 1.28% on the day, as well as a 6.65% drop across the previous seven days.
Bitcoin 7-day price chart. Source: CoinMarketCap
In the meantime, its market capitalization stands at $363.80 billion, retaining its position as the largest cryptocurrency by this indicator, as per CoinMarketCap data.