With the opening of the US markets, the decline in cryptocurrencies accelerated much more. This did not produce good results for altcoins and we saw losses exceeding 10 percent. The price then climbed above $91,500, leaving investors excited for a comeback despite lower highs. So, according to experts, is the decline over?
Bitcoin (BTC) Drop
BTC price At the time of writing, it is at $91,750 and most of the altcoins except XRP Coin continue to lose more than 5%. In his latest market review, Bob Loukas discussed the current status of the king cryptocurrency and wrote:
“Bitcoin $92,802.9 Did it get cheaper?
I don’t know, no one knows, but I would say no. Sentiment is declining, but permabull accounts are still loudly saying “buy now.”
According to my work Bitcoin today created a Failed Daily Cycle on day 14. This is very early days, so the bears are in control here. It has broken some weekly support, is not oversold, and has entered an area covered by only two weekly candles on the way up. So there is a weak atmosphere.
As noted weeks ago (met with a bullish reaction. Let’s see what happens), my view is that we have a 105% Weekly Cycle move for 15 weeks and it takes time to backfill and reset sentiment. A move to the downside towards $80,500, a 50% Fib retracement (25% downside) would be normal. The extreme side would be $74k. But even then it is historically within range (30%).
From this point, above $99,900 is positive. But as they say, this is a bull market after all. So yeah, ultimately I’m super bullish, the question is always just in what time frame. All these are mostly important for traders. “Retainers should play games and focus less on graphics.”
It is not known whether the analyst’s downward scenario will come true, but even though he has a negative stance in the medium term, even he predicts the continuation of the rise in the longer term. Jelle, on the other hand, drew attention to the last hourly closing and wrote that he would focus on the daily closing. If BTC If it can close above $92,500 on the daily, the recovery may accelerate.
Crypto Decline Might Be Over
Another analyst is Mustache of cryptocurrencies Looking at the total market value chart, he wrote that the ATH level of 2021 was tested. in altcoins This decline after huge losses may mean the beginning of a return to a larger peak as the previous peak is tested.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
