If a few days ago the analyst said that this year bitcoin could grow by 150%, now he predicts a fall in BTC. According to Credible Crypto, Bitcoin’s recent drop below $27,000 suggests that bear investors are still strong in the cryptocurrency market. And in order to change the trend to a bullish rate, BTC needs to securely gain a foothold above $29,200.
“BTC is now below a key resistance level after a modest gain, helped by low liquidity over the long weekend. Moreover, the volume of open positions on CME reaches $9 billion. I think the market is ripe for a quick fall. Bitcoin may rally a little thanks to the gaps on the CME, but until we see a clear and decisive recovery, I am leaning towards a bearish scenario in the short term,” argues Credible Crypto.
The analyst is confident that the fluctuation in the value of ether will largely depend on the situation with bitcoin. Accordingly, if BTC starts to fall, then other assets, including ETH, will begin to decline.
Recently, popular analyst Tone Vays said that Bitcoin is in a good position to start rising.
Source: Bits
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