Markets are slowly turning bearish at the moment as the Bitcoin price is just beside a massive fallout. The price is failing to hold the lower crucial support and hence is believed to pull a significant leg down. In the meantime, the altcoins also appear to be in deep trouble as the market cap is testing the 2017 highs, flashing fresh bearish signals for the entire crypto space.
A popular crypto analyst and strategist, Micheal van de Poppe map the upcoming trend for Bitcoin and altcoins. As per the analyst, the present market sentiments are at the lowest point in history which may slash the value of the tokens to a large extent.
Considering the Bitcoin (BTC) price rally, the analyst believes that the BTC price is still consolidating within the range as it failed to break the crucial area around $16,500. Presently, the token is within the support range and if it fails to hold, it may find new lows depending on China & FTX Contagion this week.
Meanwhile, the altcoins also appear to be following the star crypto as the market capitalization is testing the crucial levels. The market capitalization which is hovering around 2017 ATH is also on major support levels. Hence, the analyst advises his 642.8K followers that they can consider the current levels for investment.
“Not the worst spot to look for entries on your investment bags,”
The altcoin market capitalization has once again marked its lows at the 2017 ATH levels forming a double-bottom pattern. Meanwhile, a rebound from here may set up a firm upswing towards the initial resistance close to $700 billion. To do so, the market cap is required to raise beyond the crucial levels of around $600 billion.
Besides, the market cap was also rejected a couple of times at $695 billion which may be a tough hurdle to crack. Additionally, the current market sentiments are extremely bearish and hence the tokens are also not expected to ignite a rebound anytime in the near future. Hence, the descending consolidation may prevail for an extended period until the Bitcoin price raises beyond $25,000 and find some stability.
Source: https://coinpedia.org/altcoin/altcoins-could-soon-land-up-in-trouble-while-bitcoin-testing-pivotal-levels/