The Federal Reserve raised interest rates by 75 BPS on Wednesday during the FOMC meeting. The stock markets reacted strongly to the hike as Dow Jones crashed by 522 points and the Asian markets are in the red on Thursday. Bitcoin briefly fell to $18,200 while Ethereum was down to $1,220. The global markets don’t look strong and the overall crypto market cap stands at $949 billion.
Crypto analyst Josh Rager has warned investors to stay away from Bitcoin now as he revealed to his 205,000 followers that “things (are) not looking so good for Bitcoin right now.”
Rager shared a chart using the S&P 500 Index equities or reference. The analyst revealed that Bitcoin “rejected off level above and looks like it wants lower”. As per the chart, the S&P 500 rejected key resistance levels at $4,310 over the past few days. He predicted that Bitcoin will be heading in the downward direction this week to new lows.
He also advised investors to “stay vigilant and take the market week by week.” However, Rager revealed that despite the markets being in a bad condition, he is somewhat hopeful to see a bounce. “Maybe we get a bounce again. I’m flat currently and will keep an eye on this,” he said.
This is the equities chart, it rejected off level above and looks like it wants lower$BTC is hovering at support for near $18k-$19k for the 5th time
It’s not looking so good right now but maybe we get a bounce again…
I’m flat currently and will keep an eye on this pic.twitter.com/u7B6WXFlQe
— Rager 📈 (@Rager) September 20, 2022
Bitcoin: The Path Ahead
The majority of crypto analysts are skeptical about Bitcoin’s growth for 2022. A handful of experts have warned investors to stay away from BTC as it could face further corrections.
Hex founder Richard Heart revealed exclusively to Watcher Guru that BTC will plummet to $11,000 and ETH will follow suit and fall to $750. You can read the Bitcoin ‘bottom’ price prediction here.
At press time, Bitcoin was trading $18,705 and is down 1.6% in the 24 hours day trade. BTC is down 73% from its all-time high of $69,044, which it reached in November last year.
