Popular analyst of crypto markets, Cred, said that there are two possible scenarios for the flagship cryptocurrency Bitcoin (BTC) in the near future. The famous analyst is making predictions about what awaits us for Bitcoin (BTC) while the crypto markets are having a hard time. Details are on Kriptokoin.com.
Expected levels for Bitcoin
Crypto analyst Cred said that there are currently only two possible scenarios for Bitcoin and the optimistic option is that BTC finds support at the $30,000 level. says. Cred also says not to confuse panic selling caused by FUD with technical selling. Cred says:
The first option is $30,000 support. There is a different situation from the decreases (caused by ELon Musk and FUD originating from China) while falling from 60 thousand to 30 thousand. There are clear microstructural differences between these moves.
Cred hopes that Bitcoin’s ability to rally after the May 2021 crash will be viable again if it can sustain $30,000. Cred says:
“This may seem obvious, but the reason I bring it up is because of how business evolves. A buyer in this price range [$30,000 – $37,500] and ideally trying to get your average as close to the bottom of the range as possible.”
downside for BTC
Trader then considers a more negative outlook for Bitcoin. Analyst says:
The easiest way to describe the second premise is that there is a breakout from $30,000 to $6,000 where the market has created a very big, very important, all-encompassing level in the low range, which looks like free money. . Buy every now and then as volatility continues to narrow. So jump over $30,000 [repeatedly] and you’re reducing volatility as repeated touches continue until you get a downward volatility expansion.
For this scenario to happen, the world would have to be in a pretty messy place with a lot of surprises in the market, according to Credit. “However, if there is one thing I have learned from crypto trading after all these years, it is to never completely ignore tail events or even low-probability events.”
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