Bitcoin clings to $19K as trader promises capitulation 'will happen'
Bitcoin BTC stayed rigidly tied to $19,000 into the Oct. 16 weekly close as analysts warned that volatility was long overdue.
Data from Cointelegraph Markets Pro and TradingView captured a lackluster weekend for BTC/USD as the pair barely moved in out-of-hours trading.
After United States economic data sparked a series of characteristic fakeout events over the week, Bitcoin returned to its original position, and at the time of writing showed no signs of leaving its established range.
For Michaël van de Poppe, founder and CEO of trading platform Eight, if was a question of “not ‘if,’ but ‘when’” unpredictability would return to crypto.
“Matter of time until massive volatility is going to kick back into the markets, after four months of consolidation,” he told Twitter followers on the day.
The week’s macro figures managed to spark a run to one-week highs for BTC/USD, with another popular commentator, Il Capo of Crypto, maintained that a bear market relief rally could see $21,000 return before downside continued.
In a Twitter update prior to the weekly close, he revealed a belief that the “entire market” was about to gain.
“Capitulation will happen, but not yet,” he added in part of a subsequent discussion on the market outlook.
With that, Bitcoin was in line to finish the second week of “Uptober” down 1.5% versus the start of the month — its worst performance since 2018 and far short of its 40% 2021 gains.
Looking ahead, market participants eyed ongoing correlation to stock markets as proof that the short-term prospects for Bitcoin were less than rosy.
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