A popular analyst is warning that Bitcoin (BTC) is at a critical moment and may crash if the top crypto asset fails to maintain support at a key price level.
Pseudonymous analyst Cred tells his 548,200 Twitter followers that a “do-or-die” moment has arrived for Bitcoin.
He says if the king crypto cannot hold the $19,000 to $20,000 price range the asset may plummet to the $16,000 range, a more than 15% drop from its current value.
“Some colloquial BTC thoughts: Market looks rough – range high rejection, big inefficiencies below us.
$19,000-$20,000 last and 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+.”
Bitcoin is trading for $19,922 at time of writing.
Fellow crypto analyst Benjamin Cowen is predicting that it may take another six months before Bitcoin turns bullish again and, until then, its price will chop around.
“The time to flip macro bullish on crypto is probably in about six 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.”
He warns that the crypto markets may deliver big losses to both bears and bulls before a sustained move to the upside kicks in.
“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.”
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