Here’s What Traders Can Expect For Bitcoin BTC Price! – Coinpedia – Fintech & Cryptocurreny News Media
https://ift.tt/7NLJQWA
The market has dropped significantly in the last 24 hours. Bitcoin, the market leader, fell 6.78 percent, while Ethereum fell 9.25 percent. Similar selling has occurred in the rest of the main altcoins.
BTC Price Analysis
Today’s Bitcoin price analysis is optimistic, as we anticipate a correction that will result in another lower peak later this week. Sellers are likely fatigued right now, since the stock has dropped another 10% in the last 24 hours.
On the 4-hour chart, we can observe Bitcoin price activity returning to the $36,000 mark in the last few hours, indicating that sellers are once again fatigued.
Analyst maps the either two ways BTC can move
As Bitcoin (BTC) weathers another tough week in the markets, a well-followed crypto trader lays out the scenarios he believes are most plausible.
According to pseudonymous analyst Cred in a new strategy session for TechnicalRoundup, there are now only two conceivable outcomes for Bitcoin, with the optimistic option being that BTC finds support near the $30,000 mark.
According to the expert, there is a difference between panic selling fueled by fear, uncertainty, and doubt (FUD) and a more technical sell-off.
He says that the first choice is to keep the $30k. That may seem self-evident, but the base case for being bullish at $30k is essentially all the very urgent [selling], as evidenced by the way the market dropped from $60k to $30k on the ‘Elon Musk plus China FUD, as opposed to the more regimented and programmatic – less liquidation-driven selling we saw from the more recent high. Those motions have distinct microstructural differences.
Cred believes that if Bitcoin can sustain $30,000 in the future, it will be able to establish a bottom and rally after the May 2021 crash.
Next, the trader analyses a more pessimistic view of Bitcoin, which he dubs “the market breakdown generational opportunity.”
He explains that the simplest way to explain premise two is that it’s effectively the $6k breakdown at $30k, where the market makes a very large, very significant, all-eyes-on-deck level at the range low, which appears to be free money to buy every time as volatility continues to reduce.
Cred does point out that a confluence of negative factors, ranging from scary headlines to risk assets falling across the board, would be required for Bitcoin to be driven down in that way.
Cryptocurrency
