Two Scenarios For Bitcoin In The Near Future, Latest Reports Note | CryptoGazette
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The geopolitic situation is becoming more and more worrisome today. The crypto market is showing signs of bloody red once again. Check out some potential moves that could take place for the king coin these days.
It’s been just revealed that a closely followed crypto trader is laying out the scenarios he thinks are most likely for Bitcoin (BTC). As you can see for yourselves, BTC continues to ride out another rocky week in the markets.
In a new strategy session for TechnicalRoundup, pseudonymous analyst Cred explained that there are now only two possible scenarios for Bitcoin – the optimistic option is that BTC finds support at the $30,000 level.
The analyst also made sure to highlight the fact that there’s a distinction to be made between panic selling brought about by fear, uncertainty, and doubt (FUD) versus a more technical sell-off.
FUD and Sell-Off
“The first option is $30k holds. That may seem self-explanatory, but the base case for being bullish at $30k is essentially all the very urgent [selling], and you can see that the way the market dropped from $60k to $30k on the ‘Elon [Musk] plus China FUD’ as opposed to the very regimented and more programmatic – less liquidation-driven selling we had from the more recent high. There are clear microstructural differences between those moves.”
Cred also made sure to highlight that he expects Bitcoin’s ability to find a bottom and rally after the crash in May of 2021 will hold true again if it can sustain $30,000 moving forward.
“That may sound self-evident, but the reason I bring it up is because how that trade unfolds, if it does unfold… it could be as straightforward as, you take this cluster and however long the reaccumulation takes within this cluster, you are a buyer within that price range [$30,000 – $37,500] and ideally trying to get your average as close to the bottom of the range as you can.”
Make sure to check out the official notes and stay tuned for more news.
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