Bitcoin & Crypto Market Primed to See Strong Correction<\/strong><\/h2>\nThe fact that BTC has managed to hold the $9,000s for nearly two months now has been a bullish sign to some. They argue that the consolidation is extremely similar to that seen at the start of BTC’s last bull market.<\/p>\n
Yet not everyone is convinced.<\/p>\n
A Bitcoin trader recently shared<\/a> the chart seen below. It shows that after a strong rally of over 100% from March’s lows, a 25% correction in the cryptocurrency market is likely.<\/p>\nBitcoin dropping by 25% from current prices would result in a price of $7,000. And Ethereum doing the same would mean a move to the $175 region.<\/p>\n
Backing this bearish sentiment, the trader in question pointed to two things:<\/p>\n
\n- The relative strength index (RSI) of the cryptocurrency market failed to break above a downtrend formed in May.<\/li>\n
- The cryptocurrency market failed to break above crucial resistance levels.<\/li>\n<\/ul>\n
![\"Image\"](\"https:\/\/pbs.twimg.com\/media\/EbUJ-jQU4AA_-jr?format=png&name=small\")
<\/p>\n
Bitcoin price chart shared by pseudonymous crypto trader Dave the Wave (@Davthewave on Twitter). Charts from TradingView.com<\/a><\/pre>\nThe trader who shared the chart below predicted that Bitcoin would retrace to $6,400 when no one thought that would happen. He has also made a number of accurate medium-term predictions, calling that BTC would top its 2020 bull trend around $11,000.<\/p>\n
Supporting the expectations of an impending move to the downside is ByteTree’s Charlie Morris.<\/p>\n
As reported by NewsBTC<\/a>, the investor and analyst wrote that Bitcoin’s fair price is well below current levels:<\/p>\n\u201c1-week network velocity down to 454%, 5-wk 556%. Tx value down, av tx size down, fees down, MRI shot to pieces. Why the lack of interest? Can\u2019t see price holding up. Fair value <$7k,\u201d Morris\u00a0wrote<\/a>.<\/p><\/blockquote>\nS&P 500 Correlation Could Negate Bear Trend<\/strong><\/h2>\nAlthough Bitcoin may have a fundamental and<\/em> technical case for a correction, strength in the S&P 500 could negate that trend.<\/p>\nAs observed<\/a> by JPMorgan earlier in June, \u201cCryptocurrencies have traded more like risky assets like equities\u2014a significant change relative to the prior couple of years.\u201d<\/p>\nThat’s to say that should American equities surge, so too should BTC.<\/p>\n
Related Reading:\u00a0Crypto Tidbits: BTC Holds $9k, ETH DeFi Gains Traction, Trump Talked BTC in 2018<\/a><\/h6>\nfeatured Image from Shutterstock\r\nPrice tags :xbtusd, btcusd, btcusdt\r\nCharts from TradingView.com<\/a>\r\nAnalyst Who Predicted BTC's 2019 Bottom Says This Is Next<\/pre>\n","protected":false},"excerpt":{"rendered":"Bitcoin has seen a sharp correction after tapping $9,800 during Monday’s trading session. As of the time of this article’s writing, the cryptocurrency trades for $9,300 \u2014 more than 5% below the highs. This rejection at a crucial resistance zone (~$10,000) has confirmed to a number of analysts that more downside is likely. A historically-accurate trader went as far as to say that the entire crypto market will see a minimum correction of 25%. Related Reading:\u00a0Buying Bitcoin at $8k or $9k Won\u2019t Matter in 2 Years: Fund Manager Explains Bitcoin & Crypto Market Primed to See Strong Correction The fact that BTC has managed to hold the $9,000s for nearly two months now has been a bullish sign to some. They argue that the consolidation is extremely similar to that seen at the start of BTC’s last bull market. Yet not everyone is convinced. A Bitcoin trader recently shared the chart seen below. It shows that after a strong rally of over 100% from March’s lows, a 25% correction in the cryptocurrency market is likely. Bitcoin dropping by 25% from current prices would result in a price of $7,000. And Ethereum doing the same would mean a move to the $175 region. Backing this bearish sentiment, the trader in question pointed to two things: The relative strength index (RSI) of the cryptocurrency market failed to break above a downtrend formed in May. The cryptocurrency market failed to break above crucial resistance levels. Bitcoin price chart shared by pseudonymous crypto trader Dave the Wave (@Davthewave on Twitter). Charts from TradingView.com The trader who shared the chart below predicted that Bitcoin would retrace to $6,400 when no one thought that would happen. He has also made a number of accurate medium-term predictions, calling that BTC would top its 2020 bull trend around $11,000. Supporting the expectations of an impending move to the downside is ByteTree’s Charlie Morris. As reported by NewsBTC, the investor and analyst wrote that Bitcoin’s fair price is well below current levels: \u201c1-week network velocity down to 454%, 5-wk 556%. Tx value down, av tx size down, fees down, MRI shot to pieces. Why the lack of interest? Can\u2019t see price holding up. Fair value <$7k,\u201d Morris\u00a0wrote. S&P 500 Correlation Could Negate Bear Trend Although Bitcoin may have a fundamental and technical case for a correction, strength in the S&P 500 could negate that trend. As observed by JPMorgan earlier in June, \u201cCryptocurrencies have traded more like risky assets like equities\u2014a significant change relative to the prior couple of years.\u201d That’s to say that should American equities surge, so too should BTC. Related Reading:\u00a0Crypto Tidbits: BTC Holds $9k, ETH DeFi Gains Traction, Trump Talked BTC in 2018 featured Image from Shutterstock Price tags :xbtusd, btcusd, btcusdt Charts from TradingView.com Analyst Who Predicted BTC’s 2019 Bottom Says This Is Next<\/p>\n","protected":false},"author":497,"featured_media":427494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[340,679,1144,78790,24132,4078,76835],"class_list":["post-428431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bearish","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-dave-the-wave","tag-technical-analysis","tag-xbtusd"],"acf":[],"yoast_head":"\n
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Bitcoin dropping by 25% from current prices would result in a price of $7,000. And Ethereum doing the same would mean a move to the $175 region.<\/p>\n
Backing this bearish sentiment, the trader in question pointed to two things:<\/p>\n
- \n
- The relative strength index (RSI) of the cryptocurrency market failed to break above a downtrend formed in May.<\/li>\n
- The cryptocurrency market failed to break above crucial resistance levels.<\/li>\n<\/ul>\n
Bitcoin price chart shared by pseudonymous crypto trader Dave the Wave (@Davthewave on Twitter). Charts from TradingView.com<\/a><\/pre>\n
The trader who shared the chart below predicted that Bitcoin would retrace to $6,400 when no one thought that would happen. He has also made a number of accurate medium-term predictions, calling that BTC would top its 2020 bull trend around $11,000.<\/p>\n
Supporting the expectations of an impending move to the downside is ByteTree’s Charlie Morris.<\/p>\n
As reported by NewsBTC<\/a>, the investor and analyst wrote that Bitcoin’s fair price is well below current levels:<\/p>\n
\u201c1-week network velocity down to 454%, 5-wk 556%. Tx value down, av tx size down, fees down, MRI shot to pieces. Why the lack of interest? Can\u2019t see price holding up. Fair value <$7k,\u201d Morris\u00a0wrote<\/a>.<\/p><\/blockquote>\n
S&P 500 Correlation Could Negate Bear Trend<\/strong><\/h2>\n
Although Bitcoin may have a fundamental and<\/em> technical case for a correction, strength in the S&P 500 could negate that trend.<\/p>\n
As observed<\/a> by JPMorgan earlier in June, \u201cCryptocurrencies have traded more like risky assets like equities\u2014a significant change relative to the prior couple of years.\u201d<\/p>\n
That’s to say that should American equities surge, so too should BTC.<\/p>\n
Related Reading:\u00a0Crypto Tidbits: BTC Holds $9k, ETH DeFi Gains Traction, Trump Talked BTC in 2018<\/a><\/h6>\n
featured Image from Shutterstock\r\nPrice tags :xbtusd, btcusd, btcusdt\r\nCharts from TradingView.com<\/a>\r\nAnalyst Who Predicted BTC's 2019 Bottom Says This Is Next<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has seen a sharp correction after tapping $9,800 during Monday’s trading session. As of the time of this article’s writing, the cryptocurrency trades for $9,300 \u2014 more than 5% below the highs. This rejection at a crucial resistance zone (~$10,000) has confirmed to a number of analysts that more downside is likely. A historically-accurate trader went as far as to say that the entire crypto market will see a minimum correction of 25%. Related Reading:\u00a0Buying Bitcoin at $8k or $9k Won\u2019t Matter in 2 Years: Fund Manager Explains Bitcoin & Crypto Market Primed to See Strong Correction The fact that BTC has managed to hold the $9,000s for nearly two months now has been a bullish sign to some. They argue that the consolidation is extremely similar to that seen at the start of BTC’s last bull market. Yet not everyone is convinced. A Bitcoin trader recently shared the chart seen below. It shows that after a strong rally of over 100% from March’s lows, a 25% correction in the cryptocurrency market is likely. Bitcoin dropping by 25% from current prices would result in a price of $7,000. And Ethereum doing the same would mean a move to the $175 region. Backing this bearish sentiment, the trader in question pointed to two things: The relative strength index (RSI) of the cryptocurrency market failed to break above a downtrend formed in May. The cryptocurrency market failed to break above crucial resistance levels. Bitcoin price chart shared by pseudonymous crypto trader Dave the Wave (@Davthewave on Twitter). Charts from TradingView.com The trader who shared the chart below predicted that Bitcoin would retrace to $6,400 when no one thought that would happen. He has also made a number of accurate medium-term predictions, calling that BTC would top its 2020 bull trend around $11,000. Supporting the expectations of an impending move to the downside is ByteTree’s Charlie Morris. As reported by NewsBTC, the investor and analyst wrote that Bitcoin’s fair price is well below current levels: \u201c1-week network velocity down to 454%, 5-wk 556%. Tx value down, av tx size down, fees down, MRI shot to pieces. Why the lack of interest? Can\u2019t see price holding up. Fair value <$7k,\u201d Morris\u00a0wrote. S&P 500 Correlation Could Negate Bear Trend Although Bitcoin may have a fundamental and technical case for a correction, strength in the S&P 500 could negate that trend. As observed by JPMorgan earlier in June, \u201cCryptocurrencies have traded more like risky assets like equities\u2014a significant change relative to the prior couple of years.\u201d That’s to say that should American equities surge, so too should BTC. Related Reading:\u00a0Crypto Tidbits: BTC Holds $9k, ETH DeFi Gains Traction, Trump Talked BTC in 2018 featured Image from Shutterstock Price tags :xbtusd, btcusd, btcusdt Charts from TradingView.com Analyst Who Predicted BTC’s 2019 Bottom Says This Is Next<\/p>\n","protected":false},"author":497,"featured_media":427494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[340,679,1144,78790,24132,4078,76835],"class_list":["post-428431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bearish","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-dave-the-wave","tag-technical-analysis","tag-xbtusd"],"acf":[],"yoast_head":"\n
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