Bitcoin’s future remains uncertain as crypto analyst Cred warns that the cryptocurrency is on the verge of a crash. With a following of over 548,000 on Twitter, His warning has sparked concerns throughout the market.
Bitcoin’s Critical Price Range
Cred believes that if Bitcoin can’t sustain the $19,000 to $20,000 price range, the asset may plummet to the $16,000 range, representing a more than 15% drop from its current value.
He claims that this range is the last and only technical structure for Bitcoin, and any acceptance below it could lead to yearly open/range lows coming into play.
Six Months Until Bitcoin Turns Bullish
In contrast, fellow crypto analyst Benjamin Cowen predicts that it may take another six months for Bitcoin to turn bullish again. Until then, its price will remain volatile, leading to potential big losses for both bears and bulls before a sustained move to the upside.
Recent Market Concerns
Recent events have contributed to the market’s volatility and uncertainty, including the fallout of crypto-lender Silvergate and the Federal Reserve’s announcement of potential interest rate hikes to combat inflation.
BTC/USD has recently fallen to a low of $19,628.25, its weakest point since January 13. The asset is now severely oversold, with its 14-day relative strength index (RSI) tracking at 27.22, indicating a possible bottom. If this is the case, Bitcoin could gradually rebound in the upcoming weeks following a period of consolidation, potentially after the upcoming Fed rate decision.
Wrapping Up
Bitcoin’s current state has left many wondering about its future, with some predicting a crash and others optimistic about a rebound. The market’s recent volatility and analysts’ warnings and predictions have added to the uncertainty.
However, an oversold market and weak RSI reading may indicate a bottom, leading to potential gradual rebounds in the future.
Source: https://coinpedia.org/bitcoin/bitcoin-at-a-crossroads-expert-analyst-warns-of-do-or-die-moment-for-btc-price/