Sep 03, · Bitcoin and cryptocurrency market watchers, who have enjoyed a prolonged bull market since the March coronavirus crash, are now focused on the $10, line, with a bitcoin Author: Billy Bambrough. Nov 20, · Bitcoin is going down. It is in a bear market. That is bad news if you are a short-term holder and good news if you are a long-term acquirer. I reiterate, all Author: Clem Chambers. Dec 16, · A widely-followed trader who became renowned in the crypto trading space for accurately predicting Bitcoin’s collapse in January of is updating his forecast on the leading cryptocurrency.
Bitcoin crashing nowTrader Who Predicted Bitcoin's Crash in March Is Now Bullish on 11 Crypto Assets | The Daily Hodl
Also, people are more comfortable investing in riskier assets as the market situation is much better and the general sentiment is bullish. Risk tolerance is higher. Why do I think the altseason has started? Well, we have already seen the first phase of it since March , after the Black Swan event phase 1. Now I think we are going to start the second phase of the second altseason. What I see on this chart is a strong base with potential parabolic extension, same as LINK did in To support his altseason call, Capo looks at the Bitcoin Dominance Index, which traders rely on to predict whether altcoins are primed to outperform BTC.
The trader says the index is currently hovering below a key resistance area. With the writings on the wall, Capo remains bullish on Bitcoin as he says he plans to hold BTC along with Ethereum and nine other crypto assets in the upcoming year.
The cycles of each can change over time, and I will be incorporating some and discarding others. Absolutely not. What is shit remains shit. The key to uncovering the game plan is to see which fractal is being repeated. The reason it started to decline now has to do with how the algorithm was programmed. If we do a comparison of the previous parabolic run up with the ongoing one, we can see that the current cycle is 3.
This indicates how manipulated this market really is. To most retail bulls this does not matter as long as they are making money. So, for now when the whales are on their side as they have been since , they have no problem with any manipulation.
Far too many traders in this market have gotten too comfortable thinking pumps like these are sustainable. Even under the bullish case, we can expect exodus of capital from Ethereum and other altcoins into Bitcoin just before halving.
Developments in major financial markets indicate that things may be about to take turn for the worse in this market in the weeks and month to come. If we see a break below the symmetrical triangle, the cryptocurrency market could crash really hard.
Such double tops in the past have led to major declines in the cryptocurrency market.