Bitcoin is expected to hit 36,000 in the near future, according to a report published on Friday

With a “stagflationary shock” already on the way, a global market collapse isn’t out of the question this year. On March 6, Bitcoin (BTC) dropped below its weekly close amid geopolitical tensions and macro instability.

Could 2022 bring a “Greater Depression”?

BTC/USD hit its lowest levels in over a week Sunday, according to data from Cointelegraph Markets Pro and TradingView. BTC/USD was testing $38,000 support at the time of writing, with three-day losses approaching 12%.

Despite the fact that trading was taking place outside of regular business hours, the trend was clearly down for the largest cryptocurrency, as mood on worldwide equities sagged among analysts that day. “This week’s global stock market capitalization loss is $2.9 trillion,” markets commentator Holger Zschaepitz stated on that day.

“Economists cut their growth forecasts & raise inflation projections. Global stock mkts now worth $110tn, equal to 130% of global GDP, which looks expensive for current situation.”

Some experts have predicted that a larger TradFi correction could be on the way, exacerbated by an already shaky cryptocurrency market. — At the very least to begin with, according to popular trader and analyst Pentoshi.

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

— Pentoshi (@Pentosh1) March 6, 2022

However, many well-known experts took a different view. In its most recent crypto market outlook report on March 4, Bloomberg Intelligence remained optimistic about Bitcoin and Ether (ETH). “Most assets are vulnerable to the ebbing tide in 2022 as the world’s highest inflation returns to four percent,” it continued.

“If risk assets don’t decline and reduce some of the price pressure, inflation measures are more likely to remain buoyant, leaving few options for central banks but to raise rates more aggressively.”

For BTC, a level of $36,000 assist may come in

With trepidation still ruling the roost, short-term prospects for Bitcoin were limited. “Bitcoin is at a critical level,” Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, noted while introducing the latest edition of its “Uncharted” newsletter.

“RSI is oversold and trending up. If the price fails to break above $40k, we go down to support. Support: $34-$36k Resistance: $43-$45k.”

BTC/USD chart with RSI. Source: Negentropic/ Twitter

The accompanying graph demonstrated just how cheap BTC/USD was at present prices and the link between such RSI lows and price reversals.

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