Digital Currency Markets Will Plummet 61% Before Next Bull Run: Analyst

One analyst is featured in our Bitcoin and altcoin news today for saying something that many believe yet only a few managed to discuss. According to his statement, the digital currency markets will plummet and lose more than half of their price before initiating the next bull run.

If you have been following our latest cryptocurrency news, you know that Bitcoin is facing significant downwards pressure over the past couple of days which has led markets to retrace significantly from their recent highs that were set in late-June last year. The digital currency markets are going to flip, according to the analyst – but tears may come first.

Currently, Bitcoin is trading at $9,553 and is again down on the day and week. The daily highs yesterday have put BTC at $10,100 but all of the traction faded away as BTC lost more than $1,000 in a single day. The digital currency markets and coming altcoin news today also show losses – and the bearish action is simply a continuation of the selling pressure that was first incurred in late June this year, when the markets incurred an influx of selling pressure.

According to the analyst named Satoshi Flipper, most of the major cryptocurrencies will continue trading down. He noted that cryptocurrency is currently trading within a wide descending channel that may continue to hold for the coming months.

“Some sideways action wouldn’t be the worst idea,” he said concisely, referencing to a chart that he shared on Twitter.

Some sideways action wouldn't be the worst idea 👌#Bitcoin $BTC pic.twitter.com/sHfwHkonaz

— Satoshi Flipper is SHORTING $THETA TO THE GROUND (@SatoshiFlipper) July 26, 2019

On the question if the digital currency markets could face a 61% retrace, it does appear that there is a strong possibility that they retrace significantly in the coming days and months. Another analyst named Dave the Wave (who is also popular on Twitter) called the recent Bitcoin price crash and spoke about the new possibilities in a recent tweet.

“Leaving the total market cap to look something like this…. 61% retracement of the move up… then off to the races,” he fully explained, referencing the retracement levels that were seen in the chart below.

Even though this type of drop will be affecting the digital currency markets in a negative way, it may be just what is needed for the next parabolic surge to occur.