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Cryptographic analyst Meliki Trader He warned against a decrease in the volume that could cause 60% of Bitcoin price failures. The analyst provided an in -depth analysis of what this price accident could mean and if it would mean the end of bull.
How the price of bitcoins may fail by 60% and drop to USD 49,000
IN Post TradingviewMeliki Trader revealed how the Bitcoins price can fail by 60% and drops to USD 49,000. The analyst noticed that BTC is hanging just above Critical support zoneThe area, which he claimed, recognize many traders as “the most important level of support” from the binance perspective.
His accompanying map showed that the price of Bitcoins may bear a 60% decrease when he loses the former trend line of USD 75,000. The flagship crypto is also threatened, I lost critical support in the amount of approximately USD 83,000. This Loop up to $ 49,000 He would bring BTC back towards a high volume of nearly 30,000 USD.
This provides Ultra-Nowotor Perspektywy Bitcoin prices. However, Meliki Trader raised the return, stating that only 20% of traders may actually lose. He noticed that, according to the Binance volume profile, most of the purchasing and accumulation of items took place below USD 35,000.
The analyst further mentioned that the majority Long -term owners and wise money introduced in the scope of accumulation 2022/2023. It is also said that the observable range (VPVR) shows significant support below the current Bitcoin price, with a minimum rotation volume at higher levels. Meliki Trader noticed that only the minority of salesmen bought BTC during the overdue Bull stage above USD 70,000.
Meanwhile, most investors are still profit or broken-nave if the Bitcoins price returns to the base. Therefore, most traders are sheltered because BTC risk a decrease to USD 49,000.
Why is the BTC bull market is over
CEO Cryptoquant, Ki Juvenile Ju, he recently said it BTC bull market is among the decrease in bitcoin prices. He referred to the “realized hat” indicator to explain his confidence that the bull’s course was over. Cryptoc from the general director noted that if the completed hat is growing, but market capital is in stagnation or falls, it means that capital flows, but prices do not rise.
Ki Juvenile has already noticed that this is a clear bear, and this is what is happening. Capital is now entering the market, but the price of Bitcoins does not answer what, he claims, is typical for a bear. CEO Cryptochan even explained it Immense shopping, such as Microstrategy’s It does not raise prices because there is too much sales pressure.
Ki Juvenile has already confirmed that the current Bitcoin data is on bears. He noticed that sales pressure could alleviate at any time, but he warned that historically Reversals lasts at least six months. As such, Cryptochan CEO believes that a tiny -term rally seems unlikely.
At the time of writing this text data with coinmarketcap.
A distinguished picture from Unsplash, tradingview.com chart
