A well-known cryptocurrency analyst believes that the bearish trend in the market is not over yet and in the near future the rate of the first cryptocurrency may continue to decline to $14,500.
In a YouTube stream, Tone Weiss stated that the situation for Bitcoin still looks extremely depressing, while “the bulls are desperately trying to cling” to the $19,000 level. So far they have succeeded, because BTC is trading at $19,500, but this level support is unlikely to last long:
“The weekly chart looks terrible again. We see a powerful red candle that will close near the lows, unless, of course, a monstrous rally happens. But this is unlikely… Now everything looks in favor of the bears. There is also a bearish trend on the four-day chart. Therefore, we are holding fiat for now,” the analyst said.
Tone Weiss noted that the MRI indicator may hint at an imminent trend reversal. However, if the bears manage to break through the current support level, then the fall may well continue to $14,500.
Recall that Pantera Capital CEO Dan Morehead believes that soon the correlation of cryptocurrencies with traditional assets will disappear and digital assets will return to growth.