Some of the most popular crypto analysts explain what happened to the crypto market over the past few weeks. For the first time in more than six months, we are seeing these low levels which show there are strong signals for returning to crypto winter. As we are about to read in the coming altcoin news today, the markets show mixed signals.
Not seen since early May of 2019 total market capitalization had fallen to $190 billion, according to coinmarketcap.com. Whilst Bitcoin is leading the trend, another crypto is in the same trouble as they fall to crypto winter low levels.
The markets have seen the loss of almost 50% since the peak in June this year, and even more, suffering is on the way. In November of 2018 many forecasted a total collapse because of the markets’ hard fall. As exactly one year after the event, there is a feeling of Déjà vu throughout the community as the crypto analysts explain.
Bitcoin is the usual source of damage, as it continuously falls through support levels. The newest fall was a break in late trading yesterday from $7,000 to $6,800. Bitcoin is at this moment near a price precipice with no support levels till the mid $5,000 level. By looking at the daily charts, we can see that Bitcoin dropped to the bottom of the five-month downtrend and is not approaching crucial levels. Crypto analyst Alex Kruger pointed out:
“$8000 will trade again soon => short above – good spots for longs: $6400/$6000 – high odds halving won’t be bullish – many miners will capitulate if hash growth continues unabated.”
There was not enough strength in the new institutional products that have made their way in the market this year, so they did not maintain the bullish momentum. The FUD is already spreading by the mainstream media as ‘bitcoin death’ rumors start to appear again. This all is normal behavior for Bitcoin, as it is shown by looking at the longer-term charts, as this all happened before. As TuurDemeester, the founding partner of Adamant Capital said:
“Bitcoin’s parabolic uptrend which started in January 2015 is still intact. Now nearly touching support again, for the first time since March 2019.”
So there is no need to panic just yet, we have been here before and came through it.
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