BTC price started the new day above $30,500, according to TradingView data. Bitcoin price, which is still in the range it has been watching for several days, has not yet shown any meaningful movement in the down or up direction.

While concerns persist that the leading cryptocurrency will fall below the level seen last week, popular analyst Credible Crypto offered a more positive alternative. The analyst suggested that based on historical norms, there is hardly an impetus for Bitcoin to retest $20,000 and gold. The analyst made the following statement about the Bitcoin price and the levels he expected:

   “The argument that Bitcoin will regress to the 13-14 thousand dollar band is based on the 80 percent decline of the previous big bear markets from the peak. In this cycle, the peak was $ 65 thousand. There were the same predictions in June 2021, when Bitcoin came in at $ 30 thousand. Three months later, we broke the record by exceeding $65,000."

Btc Us

The analyst was also asked about the possibility of BTC/USD making a similar move to $3,600, where it crashed in March 2020 from $14,000, the high of 2019. The analyst answered the question as follows:

   "I don't expect anything like that. Is it possible? Yes, but as I said earlier, the peak level of the previous cycle has never been tested before. So I find it extremely unlikely."

Another famous cryptocurrency analyst, Michaël van de Poppe, thinks that the breathing of cryptocurrencies is due to the slowdown of the bull market in the dollar. According to Van de Poppe, the US Dollar Index (DXY) has to start falling from 105 points, the highest level in the last two decades.

USDollar

On the other hand, the Crypto Fear and Greed Index, which measures market sentiment, dropped to 8/100 on May 17. This value represents the lowest value seen since March 28, 2020, when all financial markets collapsed due to COVID-19. The BTC/USD pair was trying to recover from the bottom then as it is now.