The value of the major cryptocurrency is suffering above the $46,000 region and could soon slide towards $43. However, a popular analyst believes that the bear market is still in sight.
The cryptocurrency market suffered a decline before this week, wasting more than $300 billion in the process. The drop caused bitcoin’s value to fall more than $52,000 for the industry below the $45,000 region before this week.
Derivatives trading carries a point of maximum threat to your capital and you deserve that only the industry has cash that it can lose. Derivatives trading may not be right for all investors, so make sure you are consistent with the threats in question and seek a separate recommendation. If necessary. A Disclocertain Product Statement (PDS) can be received on this online page or if requested at our offices and deserves to be considered as before making a transaction with us. $3. 50 commission payment consistent with 100,000 industries. The popular account offered extends from 1 pips with no further commission payments. Spreads on CFD indices start at 0. 4 points. The data on this site is not intended for citizens of any country or jurisdiction where such distribution or use would be contrary to local laws or regulations.
Ether was also one of the affected coins, moving from the $3,800 point to an industry above $3,300. However, the market has recovered slightly, with BTC now trading above the $46,000 region. The leading cryptocurrency still suffers to maintain its value above this point, and some analysts may fall in the coming hours and days.
Popular cryptocurrency analyst Michaël van de Poppe revealed in his latest YouTube query that the cryptocurrency market is not in a downtrend and he is sure that the $45,700 and $44,000 securities deserve to be enough for Bitcoin to stay above $46,000 and rise further.
If the major cryptocurrency breaks through the resistance point at $46,700, then it can simply rise. He said that if BTC exceeds this resistance point, then it has a chance to break beyond the $47,500 pivot and pass up to $50,000 in the short term. .
For a long time, Bitcoin’s functionality has affected that of other altcoins. When Bitcoin recovers, the maximum altcoins also work well and when Bitcoin enters a downtrend, other altcoins underperform.
Michaël van de Poppe reiterated this point, noting that Bitcoin’s movement to the point of $50,000 may just be altcoins. Most altcoins are suffering right now, wasting more than 3% of their price in the last few hours.
If Bitcoin continues the existing trend, its value may fall towards the $44,000 region, which may cause the cryptocurrency market to lose billions of dollars.