Bitcoin is pulling back slightly after reaching $24,000. Accordingly, it is currently trading at $23,825. The previous day, the price of the primary cryptocurrency had dropped by about 4%. After that, other cryptocurrencies also lost value. However, BTC managed to rise from yesterday’s low prices to reach the key $24,000 level. However, 2 analysts have a negative outlook for the leading cryptocurrency. According to them, a new Bitcoin collapse is imminent and there are levels to watch. Let’s see together.
“Bitcoin crash is not over yet”
Talking about the ongoing market turbulence, CoinBureau evaluated the price of Bitcoin. Accordingly, it warns investors that the value of Crypto assets is about to drop further. The analyst named Guy tells his 2.09 million YouTube followers that the latest recovery rally will likely be in vain. According to him, it seems that the current Bitcoin price action is not clear enough. If so, a major liquidation is possible in the second quarter. This has the potential to set the stage for a significant recovery rally. However, the analyst says markets will see that all the macro causes that triggered the latest crypto crashes do not improve. He adds that he understands these reasons will open the door to new lows for cryptocurrencies.
The CoinBureau host says that the fear has not yet spread to the market. He also claims that crypto assets have not yet reached the “peak of capitulation”. In fact, this ideology is supported by many institutional investors, such as Kevin O’Leary, who think that a full-blown panic has not yet occurred. On the other hand, Guy; It looks at indicators such as trading volumes, number of DeFi users and Bitcoin hash rate. According to him, many indicators point to the fact that asset selling has not yet reached extreme levels. He tells amateur traders that the number of daily DeFi users has mostly remained stable, with trading volumes virtually unchanged. He also states that the Bitcoin hash rate is increasing even as the price of BTC is falling. All the mentioned indicators are encouraging for the near term. The analyst also talks about the Ethereum Merge upgrade. Merge upgrade will take place in September, as we have reported as Kriptokoin.com. According to CoinBureau, with the Merge upgrade, the recovery rally will end in mid-September.
“A nightmarish market structure”
Another crypto analyst, Immortal, spoke to his 174,000 Twitter followers about the price of Bitcoin. The analyst says that BTC creates a structure that gives investors sleepless nights. According to him, a short rally followed Bitcoin’s recent long consolidation pattern. Now, a deeper drop in prices is quite possible. In addition, Immortal states that what it describes as a “nightmare” is very common. He explains this because most people trade against the trend during a bear market. The problem, he says, is that there was no real demand at the time of the decline. As a result, average investors fall into the bull trap and eventually go into liquidation.
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