Bitcoin Price Risks Further Crash As S&P Monthly LMACD Turns Bearish, Why Bulls Have Only 20 Days
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Crypto Analyst Tony Severino Warnings say Bitcoin prices may collapse further. This is because he revealed a key technical indicator that is bearish on flagship cryptocurrencies, although he noted that the BTC Bull could still invalidate this current bearish setting.
Bitcoin price is at risk of further collapse
exist X PostsSeverino said that as the S&P 500-year LMACD has begun cross-bearing and the histogram has turned red, Bitcoin price may collapse further. As data from intotheblock shows that this kind of development is very important BTC and stock market There is still a strong positive valence correlation.
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The crypto analyst said the BTC Bulls could convert this bearish setting to bearish at the price of Bitcoin over the next 20 days, which would lead to a bullish setting. But the Bulls’ failure to turn it into Bitcoin could lead to A large decline For flagship cryptocurrencies, it’s worse than what you’ve seen.
Severino says confirmation of bearish setting at the end of this month may start Bear market Or the Black Swan type event is similar to what happened to the last two crossover events. It is worth mentioning that BTC has collapsed by $76,000 recently, raising concerns that the bear market may already be here.
However, encryption experts, e.g. Arthur Hayes, co-founder of Bitmex It was suggested that the price of Bitcoin in a bull market is still valid. Hayes noted that BTC has been corrected by about 30% from its current all-time high (ATH), which he pointed out is normal in the Bulls run. The founders of BITMEX predict that flagship cryptocurrencies will rebound once the U.S. Federal Reserve starts to ease its monetary policy.
Despite the recent crash, BTC still looks good
Crypto Analyst Kevin Capital Despite the recent crash, the price of Bitcoin still looks good. He said in his latest market update that BTC is still the best chart that looks to be, and that everything is going on based on the plan of the flagship crypto plan. Analysts predict that Bitcoin can still drop and test the range between $70,000 and $75,000, which he claims is still totally OK.
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Kevin Capital notes that if Bitcoin’s price holds a key market structure and a 3-day MACD reset, profits can be maintained. He added that some good macro data could help flagship cryptocurrencies stay above key support levels. this US CPI data It will be released today, which could provide some relief to the market if it indicates that inflation is slowing. Analysts believe a good inflation report and FOMC can help turn the trend.
At the time of writing, the Bitcoin price is trading at about $81,860, up more than 2% in the past 24 hours. data From CoinMarketCap.
Featured images from Adobe Stock, charts from TradingView.com
