An urgent question that has worried crypto investors over the past 4 weeks is whether BTC bottomed on Dark Thursday or not?
On March 12, leading digital assets plunged parallel to global markets. BTC dropped from a high of $ 7,700 on March 11 to a low of $ 3,700. Stocks have experienced one of the worst days since the previous recession. Gold is down a few percent and oil is even lower.
Despite having set many lows, investors fear the cryptocurrency market has not yet completed a downside move. In a world where all markets are uncertain, few people think that Bitcoin is a place where people confidently store money.
Obviously, that is incorrect because a famous analyst declared the bottom of both the stock market and Bitcoin "formed".
Leading analyst said the bottom has formed
On April 14, economist Alex Krüger said that "stocks and Bitcoin have bottomed out" and showed that CBOE Volatility Index dropped significantly from its high, showing that the highest fear is over.
Stocks and bitcoin bottoms are in IMO. VIX short worked like a charm.
- Alex Krüger (@krugermacro) April 14, 2020
“ES + 18% scorecard from 2405, CLK -18% from 25, BTC + 10% from 6275, VIX - 45% from 74
Stocks and Bitcoin bottoms has formed IMO. Short VIX extremely captivating”.
Although he did not specify Bitcoin (and cryptocurrency) found a bottom when BTC reached $ 3,700, he shared in a series of other messages that the stock had bottomed out because of "the price is too high," citing a billion. US unemployment rate:
“Historically, the market hit the bottom before the economy hit the bottom. The economy may have bottomed out last week. Petition weekly US unemployment is likely to have peaked. ”
Krüger believes that Bitcoin and crypto are generally a risky asset, so they will return to higher levels or at least not drop further.
Stock is reversible
But some people don't believe the stock has bottomed out.
Global CIO Scott Minerd of Guggenheim Investments explain in a note published last week that he expects "other assets" to fall in the global market, causing a new wave of panic in the market:
“We need to see those asset other. When the markets started report Rising unemployment data and economic growth, corporate income be narrowed, there will be another level of panic in the market. ”
Not to mention, some are concerned about further cryptocurrency regulation, even if the stock doesn't drop.
Analyst Ross Ulbricht (founder of the online marketplace Silk Road and one of the previous Bitcoin adopters) share Bitcoin price analysis last weekend. In his view, the long-term chart is entering the second phase of the current bear market.
Citing the Elliot Wave pattern, the analyst suggested that BTC could return to $ 2,000 or even $ 1,000 levels in June or July or 2021. Such a move would mark the issue 70. % from current level.
Analyst: Altcoin is poised to rise in price as the crypto market is shaping up
Earlier this week, the cryptocurrency market showed some serious signs of weakness, mainly stemming from a market-wide downtrend, prompting Bitcoin to decline quickly at $ 7,200 and then decline. a low of 6,600 dollars.
However, during the post-event, BTC was able to steadily increase from the lows, leading to more altcoins climbing higher.
On the basis of protected key support areas, a well-known trader predicts that 7 of the largest altcoins will raise their prices significantly in the near future.
He emphasized this ability in a recent tweet, which indicated ETH, XRP, EOS, XLM, TRX, BNB and LINK.
BIG CAPS INDEX | Looks ready for bullish continuation.
- Crypto Rand (@crypto_rand) April 14, 2020
"Large capitalization index | It seems ready to continue raising prices. ”
The target marked on the chart is about 25% higher than the current price, signaling a strong rally may be imminent in the coming days.
These cryptocurrencies still need to overcome many barriers
While there may be some signs of bull support in the cryptocurrency market as BTC moves towards $ 7,000, it is important to note that there are still some barriers preventing these altcoins from rising further. .
Naturally, for the 25% increase to become a reality, it requires Bitcoin to stabilize or increase in the near future and the resistance in the area below $ 7,000 is a difficult obstacle that bulls need to overcome.
Some of the altcoins referenced above, such as ETH, have also broken the ascending trend line that lasted for weeks during recent market-wide declines, signaling that downside could be imminent if it is unable to regain returns. This important technical level.
Looking at the chart above, it seems that the trend line currently obstructing ETH and other altcoins may face similar dilemma.
You can see the price here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to AZCoin News
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