Crypto Is at a Critical Turning Point: 3 Factors Why Bulls Will Hold Strong
Bitcoin and the rest of the crypto market have been subject to strong reversals over the five days since last week�s highs.
After reaching $10,000, the leading cryptocurrency plunged 20% in the span of 48 hours, crushed as over $1 billion worth of positions were liquidated on a number of crypto exchanges. This was reflected in altcoins, which posted similar, if not worse, losses than the market leader.
This retracement has brought the crypto market to a crucial level, according to a top analyst, one that may decide the medium-term future of this market.
BITCOIN HAS APPROACHED A CRITICAL TURNING POINT
According to a prominent crypto trader, Bitcoin (and thus the rest of the cryptocurrency market) has recently approached a “key point†at $85xx.
The chart he shared to illustrate this point (seen below), marks the $8,500 region as the 50% Fibonacci Retracement of the entire move from the 2018 lows of $3,150 to the 2019 highs of $14,000.
The 50% Fib level is extremely important from a technical perspective, not to mention that $8,500 has been a relatively crucial horizontal over the past two years for the cryptocurrency.
Bitcoin price chart from @TraderMayne (Twitter handle), a popular crypto analyst known for making accurate macro calls. He signaled for caution in Feb. 2020, when Bitcoin saw a stark reversal.
The trader didn’t explain what he expects to happen should $8,500 break, but the chart indicates that it would mark a clear bearish reversal.
Though even while the chart looks bearish in that there were a number of reversal candles printed at the top of the trend, there are signs Bitcoin will hold strong.
3 REASONS WHY CRYPTO WILL HOLD STRONG
Analysts believe that there are both fundamental and technical reasons why Bitcoin and other crypto assets are on
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