{"id":2392,"date":"2022-03-06T14:33:43","date_gmt":"2022-03-06T14:33:43","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=2392"},"modified":"2022-03-06T14:33:43","modified_gmt":"2022-03-06T14:33:43","slug":"bitcoin-heading-to-36k-analysis-says-amid-warning-global-stocks-look-expensive","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2392","title":{"rendered":"Bitcoin heading to 36K, analysis says amid warning global stocks &#8216;look expensive&#8217;"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) headed lower into the weekly close on March 6 with geopolitical tensions and associated macro weakness firmly in focus.<\/p>\n<p><em>BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Could 2022 bring a &#8220;Greater Depression&#8221;?<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD hitting its lowest levels in over a week Sunday after volatility returned overnight.<\/p>\n<p>The pair was in the process of testing $38,000 support at the time of writing, with three-day losses approaching 12%.<\/p>\n<p>Despite the &#8220;out of hours&#8221; trading environment, the trend was clearly down for the largest cryptocurrency, as the mood on global equities wobbled among analysts.<\/p>\n<p>&#8220;Global equities have lost $2.9tn in mkt cap this week as war could trigger major stagflationary shock,&#8221; markets commentator Holger Zschaepitz warned on the day. <\/p>\n<p>&#8220;Economists cut their growth forecasts &amp; raise inflation projections. Global stock mkts now worth $110tn, equal to 130% of global GDP, which looks expensive for current situation.&#8221;<\/p>\n<p>Should a bigger TradFi correction set in, an already shaky crypto market could fare just as badly, some argue \u2014 at least to begin with.<\/p>\n<p>Popular trader and analyst Pentoshi even went as far as to forecast a repeat of the worldwide meltdown, which triggered the Great Depression 90 years ago.<\/p>\n<p lang=\"en\" dir=\"ltr\">The most exciting thing this year. Will be global markets collapsing. Any market that trades above 0 will be too high. They will call this. \u201cThe greater depression\u201d which will be 10x worse than the Great Depression. <\/p>\n<p>Goodnight https:\/\/t.co\/v1JUsy1eyA<\/p>\n<p>\u2014 Pentoshi  (@Pentosh1) March 6, 2022<\/p>\n<p>Some established pundits, however, held a decidedly different stance. In its latest crypto market outlook report on March 4, Bloomberg Intelligence remained bullish on Bitcoin and Ether (ETH).\u00a0<\/p>\n<p>&#8220;Most assets are subject to the ebbing tide in 2022, on the inevitable reversion of the highest inflation in four decades, but this year may mark another milestone for Bitcoin,&#8221; it read. <\/p>\n<p>&#8220;If risk assets don&#8217;t decline and reduce some of the price pressure, inflation measures are more likely to remain buoyant, leaving few options for central banks but to raise rates more aggressively.&#8221;<\/p>\n<h2>$36,000 support may step in for BTC<\/h2>\n<p>With trepidation still ruling the roost short term, the outlook for Bitcoin held few bullish cues, focusing on a continuation of the current trading range.\u00a0<\/p>\n<p><strong><em>Related:\u00a0Bitcoin loses $40K as BTC price support levels give way to 1-week lows<\/em><\/strong><\/p>\n<p>&#8220;Bitcoin is at a critical level,&#8221;\u00a0Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, summarized while introducing the latest edition of its &#8220;Uncharted&#8221; newsletter.\u00a0<\/p>\n<p>&#8220;RSI is oversold and trending up. If the price fails to break above $40k, we go down to support. Support: $34-$36k Resistance: $43-$45k.&#8221;<em>BTC\/USD chart with RSI. Source: Negentropic\/ Twitter<\/em><\/p>\n<p>The accompanying graphic showed just how historically good value BTC\/USD was at current prices and the correlation between such RSI lows and price reversals.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-heading-to-36k-analysis-says-amid-warning-global-stocks-look-expensive\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) headed lower into the weekly close on March 6 with geopolitical tensions and associated macro weakness firmly in focus. BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView Could 2022 bring a &#8220;Greater Depression&#8221;? Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD hitting its lowest levels in over a week Sunday after volatility returned overnight. 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