The cryptocurrency world is known for its volatility, with prices rising and falling regularly. However, the recent collapse of the USDC stablecoin has caused investors to fear that the entire market may be on the verge of a catastrophic decline. While a few analysts have assured that the crypto market will recover soon, the rising panic situation is forcing investors to liquidate their holdings to avoid any major losses. At this point, investors are wondering about the next levels of cryptocurrencies such as Cardano (ADA), Solana (SOL), Bitcoin (BTC). Here are the latest analyzes of the analysts for these three cryptos and the latest situation in the market…
Will the market continue to decline?
After a significant sell-off, the global crypto market rebounded on Saturday morning with Bitcoin and Ethereum prices rising slightly. However, the best stablecoins are USDC, DAI and USDD; Silicon Valley Bank saw a significant decline with the crisis. In the midst of a turbulent week for cryptocurrencies, Circle’s USDC stablecoin lost its US dollar peg (de-peg); It has prepared Bitcoin, Ethereum and other major cryptocurrencies for significant volatility. For the first time since November, the total market cap of cryptocurrencies has dropped below $920 billion. Over $200 million of futures linked to cryptocurrency have been liquidated in the past 24 hours.
Although the price of USDC has depreciated, some traders are buying USDC at a lower price and expect a slow recovery towards $1. Market experts believe USDC will rebound as Circle has five more banks holding cash reserves and the holdings at Silicon Valley Bank include $3.3 billion of the $40 billion valuation. However, leading assets like Bitcoin and Ethereum are currently experiencing a “short squeeze” with massive funds flowing in the past 24 hours.
If USDC continues to drop, it could lead to a significant bearish bias for Bitcoin price, given that average funding rates have reached their most negative point since the FTX event in November 2022. cryptocoin.com As we reported, this week, the price of Bitcoin dropped 10 percent after the collapse of crypto-friendly Silvergate Bank. As a result, the total crypto market lost $100 billion. Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon and Solana suffered significant drops. Additionally, upcoming CPI data could trigger a sharp decline in the crypto market.
Three analysts: Bitcoin is at a critical point
Crypto analyst Cred, on the other hand, warned that BTC is on the verge of a collapse. The warning of the analyst, who has more than 548,000 followers on Twitter, has raised concerns in the market. Cred believes that if Bitcoin fails to sustain the $19,000 to $20,000 price range, the asset could slide back to the $16,000 range, with a more than 15 percent depreciation from its current value. He claims that this range is the last and only technical structure for Bitcoin, and any level below it could lead to its annual lows kicking in.
By contrast, another crypto analyst, Benjamin Cowen, predicts that it may take another six months for Bitcoin to rise again. Until then, its price will remain volatile, leading to potential big losses for both bears and bulls before a sustained upward move. BTC/USD recently dropped to $19,628, its weakest level since Jan 13.
Also, another analyst, Jason Pizzino, said that it is unlikely that BTC will return to its November 2022 low. However, he added, “Right now, from what we’ve seen with the indicators, it looks like we can expect a higher bottom.” According to the analyst, if the market breaks above the previous level between $15,000 and $18,000, the market will not break out. Because it will actually point to a higher low. Believing that Bitcoin will continue its uptrend when it drops to a higher level, Pizzino says that if the $15,000 support level collapses, the bullish thesis will be invalid.
What are the prospects for Cardano and Solana?
Widely followed analyst and trader Jason Pizzino turns to Solana (SOL), saying that the coin is showing “weakness” after failing to even come close to the August 2022 peak of $50. Looking at the analyst’s chart, he seems to think Solana is likely heading towards support around $12.50.
For Cardano (ADA), on the other hand, Pizzino says ADA looks “weak” like Solana due to its inability to form a higher peak than the August 2022 peak. Cardano peak in August was at $0.60. Currently, the value of ADA is trading around $0.30 and it could rise to a maximum of $0.40.
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