As for this weeks crypto market update we have bad news for all our crypto bulls. After a week or two of altcoin bulls there was this general impression towards the crypto market. The impression where traders were looking into Bitcoin as a stable coin at $6500. But suddenly a lot changed and the most valuable cryptocurrency collapsed and formed a new low at $4800.
Our partners from SignalAlert were expecting such crash on Alt-coins which is why they were giving less calls then before. They also predicted a second leg down for the Bitcoin price as you can see in their free Telegram.
As for the short term SignalAlert thinks we are yet not ready for a consolidation. This crypto market update tells us that there are numerous ways to predict the next market cycle, but under these circumstances it would technically not be possible to get all the Bulls quick back. The forecast is that there will still be an extra leg down for alt coins as goes for Bitcoin. They forecast a short term bottom just under $4.500. There are multiple tales telling us that there is also a possibility for Bitcoin to return back to confident levels of $9.000. With some upcoming futures and ETF approvals we have still a long way to go but don’t think Crypto is dying. Get used to market cycles.
Realistically we think about two or maybe even three scenario’s
If Bitcoin Slides down and goes below the point of $4.500 we would probably see a long period of consolidation between $3k and $4.5k levels. When compared to the 2014 crash we still have a chance of an extra year of consolidation.
If there is a quick sell off which will bring Bitcoin under $3.000 we have a chance of recovering out of a extreme panic sell. This panic sell which implode and the market will be hot again. When fomo comes around the corner all of them traders and investors will be buying crypto again.
We are screwed and there is no future in Bitcoin etc. We don’t see this one happen but there is always a chance.
Get updated about crypto market updates at this Telegram channel. t.me/signal_alert