Bitcoin Bear Season Isn't Over Yet

While Bitcoin turned its direction to the upside, Ethereum, which was supported by this, increased by over 45 percent in a week. While this rise started to make faces smile, Tesla's Bitcoin sale reversed the rise. After the sale announcement, Bitcoin, which declined rapidly, returned to the level of 22 thousand dollars.

After breaking the critical 22,500 resistance, Bitcoin turned its direction to 24 thousand dollars. After the rise, the crypto money market volume has seen over $ 1 trillion for the first time since June 14.

Supported by the upward movement in Bitcoin, Ethereum also increased by more than 45% in a week and moved to $ 1,600. Just as the faces started to laugh, after the 75% Bitcoin sale announcement from Tesla, the leading cryptocurrency recorded a rapid decline and returned to the level of 22 thousand dollars.

Cryptocurrency and Blockchain Specialist Helin Çelik stated that there should be no panic in downward movements; “22.500-23.500 is a decisive band gap for me. If it diverges positively from here, we can see 26,600 and 28,800. Its positive divergence from the critical cycle may lead to 30 thousand reversal. If there are minor pullbacks below, you should not panic. "As long as it doesn't go below 20 thousand, these levels may be suitable for evaluating positions," he said.

Pointing out that the Fed meeting should be avoided in order to be optimistic, Cryptocurrency Specialist Altuğ İşler made the following assessment; “Once again, downside movement can be seen. I think the uptrend will start once the Fed believes it has tightened enough and leaves the market a little bit of a slack. Now is not the time of bull season. I don't expect a new all-time high rally, but there is a very high probability that there will be a rally that will take Bitcoin to the 30-40k range.”

It Is Difficult For Bitcoin To Go Above $ 30 Thousand

Bybit Turkey Research Manager Beste Naz Süllü stated that the bear market is not over yet; “The rise is due to the reaction. That's why I don't think we went on a long journey upwards. The lack of money inflow and the absence of a very serious increase in the number of active and new accounts shows us that this rise of Bitcoin is short-lived.

Bitcoin is trying to break the region between $23,300 and $23,650. I expect it to react up to around 26,500 when it goes above these levels. On the other hand, Bitcoin was around 35 thousand before Terra. The Terra incident took $1.2 trillion off the market. It seems difficult for us to go above 30 thousand again when 1.2 trillion dollars are lost in the market.”

Average Level in Ethereum is $1300

It is a matter of curiosity how Ethereum will draw after the Merge merger, which will take place on September 19. Helin Steel; “There is critical resistance in the 1500-1560s. If it can diverge from here, 1700, 1900 and 2166 levels gradually appear.

In Ethereum, we need to read the weekly chart very carefully. If it cannot maintain the level in the 2000s, it may enter the retreat process again. After September 19, with the pricing of the expectation, some retreats can be seen again. Beste Naz Süllü; “Due to the transition process to PoS in Ethereum, I expect a reaction up to the $2100 levels. If this reaction occurs, Ethereum can provide a return much higher than Bitcoin,” he said.

Saying that he expects Ethereum to average $ 1300, Altuğ İşler; “After averaging 1300, there is a way to go up to $1800 at the first opportunity. Of course, even if Bitcoin withdraws, the bottom level will still be $ 1000, but I don't think it will stay there for too long. Technically speaking, between 1300 and 1800 is positive for Ethereum,” he said.