Bitcoin heading to 36K, analysis says amid warning global stocks 'look expensive'
Bitcoin (BTC) headed lower into the weekly close on March 6 with geopolitical tensions and associated macro weakness firmly in focus.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting its lowest levels in over a week Sunday after volatility returned overnight.
The pair was in the process of testing $38,000 support at the time of writing, with three-day losses approaching 12%.
Despite the "out of hours" trading environment, the trend was clearly down for the largest cryptocurrency, as the mood on global equities wobbled among analysts.
"Global equities have lost $2.9tn in mkt cap this week as war could trigger major stagflationary shock," markets commentator Holger Zschaepitz warned on the day.
Should a bigger TradFi correction set in, an already shaky crypto market could fare just as badly, some argue — at least to begin with.
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.
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. “The greater depression” which will be 10x worse than the Great Depression. Goodnight https://t.co/v1JUsy1eyA
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).
"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," it read.
With trepidation still ruling the roost short term, the outlook for Bitcoin held few bullish cues, focusing
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