Bitcoin spent a long time above $22,000 today. This level represents the beginning of short positions in exchanges clustered around the 200-week moving average (WMA). Therefore, even though the last 24 hours have been over 5% for most altcoins, analysts remain silent about buying.
Popular crypto analysts urge investors to be cautious
Bitcoin price hit its highest point in nearly a month, climbing above $22,000 on Monday. Other cryptocurrencies also gained more than 7% in 24 hours. Polygon (MATIC) experienced one of the biggest rebounds with +15%. However, many crypto investors are unsure whether the top cryptocurrency Bitcoin has now bottomed out or just had a short-term recovery after its price regained $22,000. Analysts have not yet reached a consensus on this issue.
In a tweet on Monday, prominent cryptocurrency investor Lark Davis issued a warning. The point that the analyst draws attention to is the possibility of the market still falling despite the current recovery. In the words of Lark Davis:
Remember, the macroeconomic environment has not changed significantly. Until proven otherwise, this is still a bear market, so be careful.
There are other analysts waiting for a drop in Bitcoin price
Meanwhile, Lark Davis isn’t the only analyst advising investors to be cautious. For example, veteran market expert Peter Brandt said that the latest Ethereum price surge lacked volume. Brandt urged ETH investors to be careful in a tweet he posted on Sunday. The analyst said in a tweet:
The ETH increase occurred at a very low volume. That is, the thrust is dubious as it is not backed by force-buying from strong hands.
cryptocoin.com As we covered in our analysis, Bitcoin (BTC) is currently trading below $22,000 again. It climbed as high as $22,633.03 at one point today. The leading cryptocurrency was last trading at these levels in late 2020. The downward momentum in recent months was the result of a series of bankruptcies and collapses.
The cryptocurrency market has been on the decline since November 2021. In particular, concerns about the increase in inflation and internal structural problems triggered by events such as the Terra collapse accelerated sales. As a result, the value of a number of cryptocurrencies has declined by nearly 90% from their peak. In November 2021, the Bitcoin price reached an all-time high of $69,000. Since then, the market has been in decline, accompanied by the overall. In June 2022, the price hit an all-time low of $17,592 due to the current drop. It has been rising gradually and undulatingly since then.
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