Multiple crypto analysts are saying that the Bitcoin price could see a sharp decline if it loses the $25,000 zone it reclaimed today.
Pentoshi says Bitcoin could drop 20% if it loses $25,000
Crypto analyst with 693,000 Twitter followers says Bitcoin’s support in the $25,000 region is pretty critical. In his current analysis, he listed what would happen if this support was broken as follows:
IF we go back to the range below that, then we’ll very likely see $19,000 – $20,000 and $22,000 – $23,000 as we’ve seen with similar setups. So this is a good way for management to beat that price. IF = THEN
According to Pentoshi, Bitcoin is facing a series of headwinds that will catalyze the next drop. One of them will be the new lawsuit in which the US Department of Justice (DOJ) will file the crypto exchange Binance. cryptocoin.com In this article, you can take a look at the latest developments from the Binance-SEC case.
DonAlt says Bitcoin price is close to bottoming out
Another popular crypto analyst, DonAlt, predicted that Bitcoin could drop a bit more before it pinpoints the key support level. The technical analyst says that the bears could push the BTC price down as much as 20%. According to its analysts:
What I usually think is that when you drift to support, I think this may be the lowest in terms of time, but we can move on to the next support and the next support below such $24,000 to $22,000 area is just $20,000. So the longer this goes on and the slower we go, the more I think the $20,000 goes up.
DonAlt stated that he would be happy if BTC reaches $20,000. The crypto analyst also says he is watching to see if Bitcoin can show signs of strength, retracing $27,400 as support:
Right now I want to see either strength and that will be best seen on the daily timeframe which basically just means going above $27,400. I think that’s a good measure of strength. Because we are currently trading below the consolidation leading to the top and I want to trade above to take some kind of action or just to go down, either/or is fine with me.
Arthur Hayes has identified the catalyst that will ignite the next rally
BitMEX Founder and market analyst Arthur Hayes detailed the scenario that could trigger a bull cycle. In a new blog post, he says that China, in particular, may soon allow its citizens to invest in crypto. Hayes noted, however, the increasing regulatory pressure in the US. According to the master forecaster, the participation of Chinese investors will trigger a rally in the crypto market.
Mark Cuban says there will only be one winner
Famous billionaire investor Mark Cuban thinks that the vast majority of cryptocurrencies will go bankrupt. He predicts that the survivors will be infrastructures that specifically feature smart contracts. Finally, in his detailed analysis on the subject on Twitter, he includes the following:
Smart contracts are about six years old. Maybe the name is not correct, but the utility is valid. 90% of blockchain companies will go bankrupt. 99% of altcoins will go bankrupt. Just like 99% of old internet companies do. [Geniş dil modellerinden] 99% of startup companies that benefit from it will disappear.
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