The crypto market experienced a major correction in April, mainly influenced by the halving in the Bitcoin cycle that took place on April 11. After a short-term price increase, the market is back in a downtrend. Some leading analysts are examining this situation in Bitcoin; Here are the details…
Liquidations continue due to “Miner Surrender”
The correction in the price of the leading cryptocurrency Bitcoin (BTC) continues. According to the data obtained, a liquidation of over $120 million took place within an hour. While many factors contributed to this, the most important reason for this was long liquidations, which accounted for 95 percent of liquidations, according to data from Coinglass. This has been known to occur most often during a halving cycle when miners give up on mining due to the high cost of mining.
Miners quit mining results in such liquidations. Further capitulation is expected as the leading cryptocurrency Bitcoin is likely to head lower. According to analyst Jesse Olson, this is not a surprise as the past Bitcoin cycle has shown that RSI drops below 50 often lead to capitulation. Bitcoin’s RSI is currently at 36.72. According to analysts, this means that more declines may be on the horizon.
Analyst: Bitcoin (BTC) price could drop to $30,000
Recently, TheCryptoBasic published a detailed analysis of how higher hash prices are affecting weak miners and causing them to be unplugged. Looking at Bitcoin’s history, the RSI falling to 36 opens the door to many unpleasant possibilities. One of them seems to be that the Bitcoin price could drop as low as $30,000.
Another analyst, whose predictions we follow with interest as Cryptokoin.com, says that further liquidations will continue and the 30 thousand dollar level should be expected. Stating his predictions on Bitcoin price, the analyst makes the following comments on this subject:
Our bear flag has been broken. We were discussing the drop PA, the weekly deathcross and much more, so this is no surprise. I said the purges were finally coming. The level to be watched in Bitcoin is at 30 thousand. Things are getting ugly.
5754
