News on bitcoin and cryptocurrencies in general arouses the curiosity of investors. Over the past six months or so, the cryptocurrency sector has been sagging under the weight of the bearish trend. As things started to improve, Cheds, a cryptocurrency analyst, warns that the bearish period could resume with a vengeance.
Predictable downtrend for bitcoin (BTC)?
After a steep drop in the price a few months ago, bitcoin seems to finally stabilize. From $ 68,000, the crypto has undergone a bearish trend and its price has dropped to $ 18,000. Despite the weak gains, many investors like CZ remained confident. The big boss of Binance believes in the future of cryptocurrencies and several people agree with him.
However, the course of things does not seem very favorable. In fact, the price of BTC has stagnated over the past weekend and experts predicted a possible hike in the second half of 2022. With its recent release, Cheds is questioning traders and challenging some theories.
In fact, the crypto analyst with 268,000 Twitter followers recently announced that bitcoin could resume its bearish trend in 48 hours. According to him, BTC is still in a bearish macroeconomic trend. Therefore, the rally from $ 17,600 to the low should come to an end quickly. Bitcoin is therefore expected to soon leave the support it currently has to trade much lower over the next few days.
Bitcoin Could Bottom At $ 12,000!
The recent decline in the cryptocurrency markets has left many investors perplexed. While everyone knows from scratch that cryptocurrencies are a risky industry, no one is really hoping for a drop of this magnitude. When bitcoin started an ascending support, everyone was eagerly waiting for the uptrend to continue.
However, the dream soon ended with the collapse of the Earth (MOON). If the storm seemed to have subsided, it seemed it had to start over. According to cryptocurrency analyst Cheds, the price of bitcoin is expected to reach a low of $ 12,000. Already, during the day, bitcoin is down 1.51% and is trading at $ 20,071 according to Tradingview data. However, BTC is not the only one as Dogecoin, Luna crypto and XRP are in the same situation.
Recall that this analyst is not the first to allude to the likelihood of a relapse of cryptocurrencies. Mike McGlone also thinks that cryptocurrencies could dominate the rest of 2022. But before they get there, they will have to face some problems, including another downturn.
News on cryptocurrencies is increasingly in the news. Everyone scans the charts for proof of recovery. However, providence doesn’t seem to be smiling at him as Cheds is practically the bearer of bad news. According to the cryptocurrency analyst, the bitcoin slide is expected to resume within a day or two.
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The world is changing and adaptation is the best weapon to survive in this undulating universe. As the crypto community manager at the base, I am interested in anything directly or indirectly related to the blockchain and its derivatives. To share my experience and introduce a field that fascinates me, nothing better than to write informative articles and relax at the same time.