The sluggish state of the market was cited by Kitco senior technical analyst Jim Wyckoff. “Bulls and bears are frustrated by the lack of daily price volatility in the market despite increased risk aversion in the overall market,” the analyst said.

The sluggish state of the market was cited by Kitco senior technical analyst Jim Wyckoff. “Bulls and bears are frustrated by the lack of daily price volatility in the market despite increased risk aversion in the overall market,” the analyst said. “Bulls and bears are still generally on a short-term technical playing field,” the analyst said. “This means more sideways and volatile trading in the near term.” Wyckoff used the following statements: The analyst made a 2018 analogy: Is a drop to $14,000 on the horizon? No one knows for sure which direction BTC will take in the coming days and months. However, the possibility that the Fed will raise another 75 basis points in November means further decline in the crypto market. One possible scenario of what a pullback might look like was provided by il Capo of Crypto, who noticed a striking similarity between Bitcoin's currency price action and the price action it saw in 2018, just before it fell from the bottom market. As we reported as Kriptokoin.com, the analyst is famous for knowing about collapses in BTC. The analyst stood out with his various predictions. Capo previously predicted that Bitcoin would hit a 22-month low. He said that the biggest cryptocurrency could return to $ 16,000. The analyst correctly predicted the price declines in the past periods. He predicted a drop to $50,000 in BTC last year. In 2020, he correctly predicted the $3,500 level in the price of BTC.