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If just a few days ago, the analyst was saying
that bitcoin can grow by 150% this year, now he predicts the fall of BTC. According to Credible Crypto, bitcoin’s recent drop below $27 000 suggests that “bear investors” are still strong in the cryptocurrency market. And to change the trend to bullish, the BTC exchange rate needs to firmly consolidate above $29 200.
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“BTC is now below a key resistance level after a marginal rise facilitated by low liquidity over the long weekend. Moreover, the volume of open positions in the CME reaches $ 9 billion. I think the market is ripe for a quick drop. Bitcoin may rebound a bit thanks to gaps in the CME, but until we see a clear and decisive recovery, I’m leaning toward a bearish scenario in the short term,” Credible Crypto reasoned.
The analyst is confident that the fluctuation in the value of ether will largely depend on the situation with bitcoin. Accordingly, if BTC begins to fall, other assets, including ETH, will also begin to decline.
Popular analyst Tone Vays recently stated that bitcoin is in a good position to start rising.