Bitcoin BTC/USD may be in for a rude awakening.
In a Twitter post on Friday, pseudonymous cryptocurrency analyst Cred said that Bitcoin may crash if it doesn't manage to hold between $19,000 and $20,000. Failure to do so could cause the cryptocurrency to plummet to the $16,000 range, around a 15% drop from its current value.
Some colloquial $BTC thoughts:
— Cred (@CryptoCred) March 10, 2023
Market looks rough - range high rejection, big inefficiencies below us
19k-20k last & only technical structure as a do-or-die punt
Any acceptance below there would bring yearly open/range lows into play
Meme the monthly all you want, it's A+ pic.twitter.com/Um17PX0MmE
At the time of writing, Bitcoin was trading at $20,157.94, 10% down in the last week.
Crypto analyst Benjamin Cowen also hinted on Friday that it may take another six months before Bitcoin turns bullish again.
The time to flip macro bullish on crypto is probably in about 6 months.
— Benjamin Cowen (@intocryptoverse) March 10, 2023
Until then, apathy is likely going to set in for a lot of people.
Your job is to not lose sight of the bigger picture, even when it feels like the cryptoverse is crashing around you
He added that crypto markets may deliver significant losses to both bears and bulls this year. Only then would "we go back up," he tweeted.
In a YouTube video released the same day, Cowen said that crypto markets could give up hundreds of billions of dollars in a course-correction similar to that following the dot-com collapse.
“The dot-com crash from its peak occurred over two-and-a-half years when the Nasdaq dropped by 83%. A similar fall from the peak of the crypto markets would also bring the total market cap down to the $400 billion to $500 billion range,” he said.
Read now: Analyst Who Predicted May 2021 Crypto Crash Now Says Bitcoin Set To Surge To This Price By 2024
Photo: Simple FX on flickr
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