Although a well-known analyst predicts trouble, the crypto asset stabilized on Saturday morning as Bitcoin crossed the $20,000 mark.
Investors are being advised that bitcoin is going Fall Even further by well-known crypto analysts who correctly predict current market difficulties. The trader claims that there is no evidence that BTC is worth around $20,000.
“Based on what you read on Twitter, you might think the market is recovering pretty well. But the chart shows: BTC price below $21,000. Lower elevations everywhere. Hidden recession differences everywhere. No bottom formation.
I’m not buying yet.”
Coming down soon?
Capo forecasts a 50% drop from bitcoin’s high of $44,000 in March. merchant Has sustained By predicting a lower bitcoin price, but he also predicts that the bottom will be reached soon.
“Not down yet, but it’s close” [in my opinion], The moment to open the shorts was a few weeks ago, not now. now [is] The moment you are ready to buy when the next step is over. ,
The analyst provides a chart of the governance token of decentralized exchange Sushi Swap (SUSHI), which he claims reflects his opinion on the non-BTC crypto asset, when discussing the overall altcoin market.
He believes that the altcoin price will eventually move higher, but only after some additional short-term price drops.
In his estimation many altcoins are on a bearish parabola. When broken up, the parabolus results in significant adjustments (in this case upwards). Although they are not finished yet, parabolas are almost finished.
The month has been quite a journey for the cryptocurrency market as the major cryptocurrencies were hit by bearish waves. Several crypto organizations including 3AC and Celsius failed as a result of the global crypto market capitalization falling below $1 trillion.
During that time, bitcoin also suffered significant setbacks. Although BTC is trading calmly above $20,000, the direction is not yet clear. There were no significant gains as the largest cryptocurrency reversed course after touching the $21,500 mark.