{"id":456176,"date":"2022-06-01T19:57:48","date_gmt":"2022-06-01T16:57:48","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-risks-29k-nosedive-as-wall-street-opens-with-fresh-losses\/"},"modified":"2022-06-01T19:57:48","modified_gmt":"2022-06-01T16:57:48","slug":"bitcoin-price-risks-29k-nosedive-as-wall-street-opens-with-fresh-losses","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-risks-29k-nosedive-as-wall-street-opens-with-fresh-losses\/","title":{"rendered":"# Bitcoin price risks $29K &#8216;nosedive&#8217; as Wall Street opens with fresh losses"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dfb5195b49\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dfb5195b49\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-risks-29k-nosedive-as-wall-street-opens-with-fresh-losses\/#%E2%80%9D_Bitcoin_price_risks_29K_%E2%80%98nosedive_as_Wall_Street_opens_with_fresh_losses_%E2%80%9C\" >&#8221; Bitcoin price risks $29K &#8216;nosedive&#8217; as Wall Street opens with fresh losses &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-risks-29k-nosedive-as-wall-street-opens-with-fresh-losses\/#Zooming_out_%E2%80%9Cnothing%E2%80%9D_has_changed\" >Zooming out, &#8220;nothing&#8221; has changed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-risks-29k-nosedive-as-wall-street-opens-with-fresh-losses\/#Halving_%E2%80%9Chopium%E2%80%9D_is_served\" >Halving &#8220;hopium&#8221; is served<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_price_risks_29K_%E2%80%98nosedive_as_Wall_Street_opens_with_fresh_losses_%E2%80%9C\"><\/span>&#8221; Bitcoin price risks $29K &#8216;nosedive&#8217; as Wall Street opens with fresh losses &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Bitcoin (BTC) lost bullish momentum at the June 1 Wall Street open as United States equities faced another day of retracement.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/d42dd8a9-7178-4f58-b274-3b522b25bc09.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Zooming_out_%E2%80%9Cnothing%E2%80%9D_has_changed\"><\/span>Zooming out, &#8220;nothing&#8221; has changed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0captured a sharp U-turn for BTC\/USD at the start of trading, $1,600 in three hours.<\/p>\n<p>At the time of writing, the pair traded at around $30,400, giving back the past days&#8217; gains.<\/p>\n<p>For Cointelegraph contributor Micha\u00ebl van de Poppe, $29,000 was now on the radar after support levels refused to cushion Bitcoin&#8217;s initial fall.<\/p>\n<p>&#8220;Very simple, Bitcoin needs to hold here to have a test at $33K area possible,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1532015209023414272\">tweeted<\/a> as BTC\/USD reached $31,150. <\/p>\n<blockquote><p>&#8220;If not, this is going to nosedive quite fast to $29K range.&#8221;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1532015209023414272\/photo\/1\"><\/a><\/p><\/blockquote>\n<p>The mood down surprised hardly anyone despite the recent show of strength and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a> to two-week highs.\u00a0<\/p>\n<p>For popular trading account Crypto Tony, targets beyond the short term remained firmly in place, these coming as low as $22,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> \/ <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24USD&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$USD<\/a> &#8211; Update <\/p>\n<p>My target has been $22,000 &#8211; $24,000 for nearly two months now and that isn&#8217;t changing due to this small pump. Zooming out what has changed .. Nothing  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/eKNAyT2pO3\">pic.twitter.com\/eKNAyT2pO3<\/a><\/p>\n<p>\u2014 Crypto Tony (@CryptoTony__) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoTony__\/status\/1532020394529435649?ref_src=twsrc%5Etfw\">June 1, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Fellow account Blake noted ongoing weakness in stocks, with which Bitcoin has been highly correlated, as a sign not to believe that the bottom was in for crypto assets.<\/p>\n<p>&#8220;This SPX situation is a big part of why I don&#8217;t consider this a &#8220;buy the dip&#8221; moment for crypto &amp; Bitcoin,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/blaakke\/status\/1532020673329111041\">told<\/a> followers on the day.\u00a0<\/p>\n<blockquote><p>&#8220;I&#8217;m going to let the markets do their thing for a bit&#8230;&#8221;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/blaakke\/status\/1532020673329111041\/photo\/1\"><\/a><\/p><\/blockquote>\n<p>The S&amp;P 500 traded down 1.1% after the first three hours&#8217; trading, as did the Nasdaq Composite Index.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Halving_%E2%80%9Chopium%E2%80%9D_is_served\"><\/span>Halving &#8220;hopium&#8221; is served<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Attempting to find some more positive chart features, meanwhile, Filbfilb, co-founder of trading suite Decentrader, pointed to historical patterns seen during Bitcoin&#8217;s halving cycles.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin may hit $14K in 2022 but buying BTC now \u2018as good as it gets:\u2019 Analyst<\/em><\/strong><\/p>\n<p>Current price action, he said, was still following Bitcoin&#8217;s lifetime trend, hinting that the familiar pain-before-gain scenario was now also playing out.<\/p>\n<p>If BTC\/USD had reached its farthest point from its 2020 halving price in November 2021, he analyzed, then it would have around six months&#8217; more bearish behavior in store before rebounding into the next halving, due in May 2024.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">End of bear correction on the same basis would be pre 2024 halving  meaning not done until Q1 2023. <\/p>\n<p>After which the cycle would look like this assuming we hit the bottom returns off the previous cycle like mentioned above sometime in 2025.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/3IqwyDs88c\">https:\/\/t.co\/3IqwyDs88c<\/a><\/p>\n<p>\u2014 filbfilb (@filbfilb) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/filbfilb\/status\/1531971349656350723?ref_src=twsrc%5Etfw\">June 1, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Filbfilb nonetheless cautioned that the theory was more &#8220;hopium&#8221; than a true prediction.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-risks-29k-nosedive-as-wall-street-opens-with-fresh-losses\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin price risks $29K &#8216;nosedive&#8217; as Wall Street opens with fresh losses &#8220; Bitcoin (BTC) lost bullish momentum at the June 1 Wall Street open as United States equities faced another day of retracement. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Zooming out, &#8220;nothing&#8221; has changed Data from Cointelegraph Markets Pro and TradingView\u00a0captured a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":456177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMTFhYjc0YTktOTYzZC00MDQ5LWExM2EtNGExMzc2Zjc5NmI2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-456176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/456176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=456176"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/456176\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/456177"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=456176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=456176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=456176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}