Bitcoin at a Critical Juncture – Analyst Predicts Crash and Lengthy Consolidation
Bitcoin (BTC) is facing a critical moment, warns popular analyst Cred, who believes that if the cryptocurrency fails to maintain support at a key price level, it may experience a significant crash.
Taking to Twitter, the pseudonymous analyst, who boasts over half a million followers, shared his thoughts on the current state of the market.
Cred noted that the market looks rough and highlighted the recent range high rejection, coupled with the weakness that exists below the current price level.
According to Cred, the $19,000 to $20,000 price range represents the last and only technical structure as a support level for Bitcoin. He emphasized that any acceptance below that level would bring yearly open/range lows into play, which could lead to a more than 15% drop from the current value to around $16,000.
Some colloquial $BTC thoughts:
Market looks rough – range high rejection, big inefficiencies below us
19k-20k last & only technical structure as a do-or-die punt
Any acceptance below there would bring yearly open/range lows into play
Meme the monthly all you want, it's A+ pic.twitter.com/Um17PX0MmE
— Cred (@CryptoCred) March 10, 2023
Cred ended his statement by stressing that this moment for BTC is critical and should not be overlooked.
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Meanwhile, fellow crypto analyst Benjamin Cowen predicts that Bitcoin may take another six months to turn bullish again. Until then, he believes that the price of BTC will remain choppy. Cowen cautions that the crypto markets may deliver significant losses to both bears and bulls before a sustained move to the upside kicks in.
The time to flip macro bullish on crypto is probably in about 6 months.
Until then, apathy is likely going to set in for a lot of people.
Your job is to not lose sight of the bigger picture, even when it feels like the cryptoverse is crashing around you
— Benjamin Cowen (@intocryptoverse) March 10, 2023
He argues that in 2023, both the bears and the bulls will feel some pain, with the bears getting rekt in January and February, thereby giving the bulls a false sense of security. Cowen argues that only once both sides are sufficiently liquidated, the market could finally stabilize and go back up.
In 2023, we get both the bears and the bulls rekt.
The bears got rekt in January and February, giving the bulls a false sense of security.
Once both sides are sufficiently rekt, then and only then can we go back up
— Benjamin Cowen (@intocryptoverse) March 10, 2023
These warnings from crypto analysts come amid a backdrop of increased regulatory scrutiny and market volatility in the cryptocurrency space. While Bitcoin remains the top cryptocurrency by market cap, its price is still highly volatile. Various factors can impact it, including government regulations, market sentiment, and global economic conditions. As always, investors are urged to exercise caution and do their own research before investing in any cryptocurrency.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
