Market Comment from the Analyst: “If Bitcoin Can’t Rise Above This Level, Altcoins May Fall Hard!”

Cryptocurrency Rekt Capital, one of the well-known phenomena of the world, is on Twitter today. to Bitcoin (BTC) He posted a series of tweets containing his views on the matter.

According to the analyst, the $ 17,150 Level is Critical in Bitcoin

According to the analyst, Bitcoin price closed a week below the monthly level of $ 17,150, which means that this level is currently seen as resistance. As a result, BTC may continue to stay in the $13900-17150 range on a Monthly scale.

The analyst continued his thoughts on the BTC price as follows:

“Actually, the fact that this month’s upside wick surpassed $17150 without retracing as support indicates that it could become a new resistance.

If BTC continues to reject the ~$17150 resistance, then the price could drop as low as -20% in the coming weeks.

If BTC rejects the ~$17150 resistance, it will break new ground in the $13900-17150 range. As a result, there could be a drop towards the $13900 lower bound.

A revisit of $13,900 would mean a -20% reduction from current prices.”

new #BTC lows could be on the cards, especially if ~$17150 continues to act as resistance

Therefore a drop of up to -20% to ~$13900 wouldn’t be out of the question

A -20% drop for $BTC would surely negatively impact Altcoins and make them drop more than -20%#Crypto #Bitcoin

— Rekt Capital (@rektcapital) December 19, 2022

According to the analyst, Bitcoin price still has time to make a month close above the $ 17,150 level, but a close below this level could signal the beginning of the decline.

Rekt Capital also talked about altcoins. According to the analyst, altcoins did not drop 90 to 99% in the current bear market, as they usually do in bear markets.

Analyst claims that this decrease can be experienced when historical data is examined. He said that this will happen especially if the BTC price continues to see $ 17,150 as resistance.

*Not investment advice.