Analyst Draws Attention to Critical Levels: Will the Downtrend in the Cryptocurrency Market Continue?
Cryptocurrency analyst, known by the username “CredibleCrypto” on Twitter, evaluated the current technical outlook in Bitcoin, drawing attention to the latest situation in the market. The analyst argued that the leading cryptocurrency may start bullish movements up to $ 50,000 price levels in the coming weeks.
The Downtrend in the Market Continues
Bitcoin (BTC) , which gained a downward momentum by being rejected from the $ 45,000 resistance many times in the last week, has accelerated its downward movements in recent days and regressed to the price levels of $ 37,500. This depreciation in Bitcoin caused most altcoins in the market to depreciate at various rates. Ethereum (ETH) started trading at the $2,500 price levels after its recent bearish moves. Phantom (FTM), on the other hand, recorded a downward movement of about 20% and became one of the altcoins that lost value at the highest rates in the last 24-hour period among cryptocurrencies with high market capitalization.
Cryptocurrency Market Will Rise Again According To The Analyst
The analyst evaluated the latest situation in Bitcoin with his shares on his Twitter account. Arguing that BTC ‘s retreat to the $38,000-42,000 price band is a healthy correction, the analyst also drew attention to historical price movements. The crypto analyst argued that Bitcoin’s recent upside attacks to the $45,000 resistance significantly reduced the risk of losing the $29,000-32,000 support band, and the technical outlook indicates that Bitcoin may resume bullish moves in the near future.