Amidst the ongoing tug of war between bulls and bears, the cryptocurrency market is having a tough time trying to gain back investors’ and traders’ trust. At the start of the week today, Bitcoin entered the market on a bearish note trading below the $42,300 level.
In total, BTC price has lost 0.98% in the last 24hrs trading at $42,255 at the time of writing. On the other hand, Ethereum has lost more than 2% over the last 24hrs pulling back other altcoins too.
Bitcoin To Intensify Its Losses In Coming Months
In the early hours today, Bitcoin dropped 1% hitting a three-week low of $41,897 and this fall below $42,000 also dipped below its 200-day moving average. This is a sign that Bitcoin might be headed towards the more vertical losses below $40,000.
Hence, the crypto analyst @SmartContracter is of the opinion that BTC Price will see dropping as low as $37,000 to $38,000. Though there might be some sign of relief in the coming days, the world’s largest cryptocurrency seems to be largely downwards.
Meanwhile, a crypto strategist and trader, pseudonymously known as DonAlt, put forth his opinion saying that bears have overtaken Bitcoin bulls after bulls couldn’t push the market north though there was a purchase from MicroStrategy’s Michael Saylor and Terra (LUNA) founder Do Kwon.
Also, DonAlt asserts that Bitcoin’s rejection at the $45,000 level acts as a major red flag for bulls. As per this crypto strategist, this failed attempt to surpass $45,000 indicates that Bitcoin is mirroring its November market structure where BTC had rallied close to $70,000 hitting ATH only to start its journey towards a bearish pull.
The analyst is seen quoting
“We swung up towards $70,000, swung back down, didn’t hold $60,000 and that was bearish….Technically speaking, you should be bearish. Your invalidation is in the $47,000, and your target should be [the] range low which is $33,000.”
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Source: https://coinpedia.org/bitcoin/bitcoin-correction-to-extend-in-coming-days/