Bitcoin Failed To Hold The Support Line Of $20k Would There Be A Possibly Down Turn

The current bearish market which we have experienced for a while now, is no way coming to an end. The last few days have seen bitcoin fall below $20k which the primary digital asset has failed to hold, is the US federal reserve interest hike playing a major role in the current bearish market we are experiencing.

D28EA299CB9F4FAAB5B73FE227584011.jpeg
source

An analyst who goes by the name Merten speaking on the state of things says that bitcoin isn’t matured enough;

“Even though as time progresses with each bear market, we see weaker and weaker bear markets, I want to signify here that we’re likely not going to drop all the way from an 84% correction, which we had in the last bear market in 2018, all the way to only a 74% correction over seven months.”

Relating to the just concluded bull run which ended in April, the crypto analyst is projecting that bitcoin could possibly near $13k this coming month. In he’s words;

“If people are saying that the bottom we set in June was the low here, we’re talking about a 74% correction in price, and on top of that only seven months of a decline. Some people might argue again that we actually set in the top back here, it’s been 14 months. And while I would say there’s a fair argument to be made for that, altcoin valuations did very well in this secondary run up and we hit into a new all time high at around a $3 trillion market cap.

So I think that the November highs make sense because that’s not only where crypto topped out, but also equities. So at a minimum if you are in that camp, if you’re betting on the best case scenario, you should at a minimum be looking for an 80% decline. Now, interestingly enough here, this takes us much lower here towards around $13,000.”

If you seen this post on a Web2 ecosystem and you have no clue about what Leofinance is here is a brief definition;

LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
Over here we refer to users as lions, so are you ready to be a lion here is my referral link

Also don’t forget in contributing to the pHBD-USDC pool, and from statistics it looks like we will be able to archive the set target in a few months, let’s do our own part in growing the pHBD-USDC liquidity and also take out time to participate in the Leo power up challenge which happens every 15th of each month.

Let’s also connect on some of the web2 platform.
Twitter:Hironakamura

Posted Using LeoFinance Beta



0
0
0.000
1 comments