The Decline in Crypto Markets May be A Sign of Something Greater Yet to Come
Bitcoin and the rest of the crypto market have in the past weeks experienced huge value downswings. The gains at the start of 2020 have been all but wiped out in most altcoins thanks to the recent declines.
Most of these major cryptos are otherwise getting closer to their critical support levels, a sign that a huge upswing might be around the corner. The same support levels also seem to occur simultaneously with the tremendous barrier that the entire crypto market cap stuck in. Key market analysts foresee the possibility of the markets preparing for something huge.
Key Trader’s Views
Crypto Michael, a notable crypto trader, tweeted in worry about possible further downswings should prices go below current levels. His postulations were 190-195$ for $ETH and $7,500-7,700 for $BTC. He otherwise anticipates some relief following the week’s difficult trading features. He otherwise still sees Bitcoin and several key altcoins to losing value a little more before getting to the strong support base.
Murad, another prominent trader agrees with Michael’s position. A chat he published showed some quite fascinating analysis regarding the crypto market. He noted a generational pivot right at the intersection of the two most crucial diagonals of the chart, with origins back at the all-time-high level. This inferred the possibility of the BTC gearing up in preparation for a huge rebound.