Bitcoin‘s woes aren’t over yet, one Aussie market analyst is warning. But another thinks it might rally to US$52,000 in the next few weeks.

Perth-based Think Markets analyst Carl Capolingua told Ausbiz TV this morning that the trend of BTC “looks pretty awful here” and he wasn’t excited at all by the midweek bounce.

At 11.25am AEDT, Bitcoin had given up all of its gains following Wednesday night’s US inflation read, dropping 2.9 per cent to US$42,633, around the

“It looks like we’re fading now, and I do think there’s going to be another leg down. Those buy the dippers, they need to be washed out now.”

Capolingua predicted BTC could drop to $37,300. “It could even get to 35 (thousand), you never know, but I don’t think the worst is over for Bitcoin. After that, maybe we could head to the upside.”

A key resistance level is US$45,553, Capolingua said.

But Sydney-based City Index analyst Tony Sycamore was more sanguine, writing in his morning note that there was evidence BTC had completed a five-way Elliot Wave decline with the early Tuesday dip to $39,558.

“This suggests a recovery back towards the 200-day moving average at $48,000 with scope towards $52,000 can unfold in the coming weeks,” he wrote.

But if Bitcoin falls below its support at US$39,500, Sycamore sees it dropping all the way to around US$30,000.

Another death cross looms

Bitcoin is also set to experience another “death cross” within the next day or two, with its 50-day simple moving average moving under its 200-day moving average.

Bitcoin’s 50-day MA (the yellow line) is about to head under its 200-day MA (the blue). (Tradingview/Stockhead)

We have the upcoming death cross on $BTC & with that comes a lot of FUD articles & fear in the markets because most folks don’t know that it is a lagging indicator aka a drop has happened,” tweeted trader and YouTuber Ryan Rozbiani.

“Last death cross fud caused a 30% drop. I expect us to these the $37.5K support then bounce.”

(There are different ways to calculate a death cross — using exponential moving averages, instead of simple ones, it occurred on Wednesday).

Crypto market down 2%

Overall, the crypto market was at US$2.15 trillion, down 2.0 per cent from 24 hours ago.

Ethereum was trading for US$3,262, down 2.7 per cent.

All of the top 10 coins, except for the stablecoins Tether and USDC, were in the red.

But Near Protocol had resumed its recent surge, hitting an all-time high of US$20.20 earlier this morning.

Around lunchtime NEAR tokens were changing hands for $19.73, up 14.3 per cent from yesterday.

They were selling for under US$2 as recently as July.



The other double-digit gainers in the top 100 were privacy-preserving coins Secret Network and Monero, up 13.7 and 11.5 per cent, respectively.

THORChain was the biggest loser in the top 100, falling 8.6 per cent to $6.36.