Bitcoin and cryptocurrency news in general arouses the curiosity of investors. For the past six months or so, the crypto sector has been buckling under the weight of the downtrend. As things started to look up, Cheds, a crypto analyst, warns that the bearish period could resume with a vengeance.
Downward trend to be expected for bitcoin (BTC)?
After a dizzying fall in its price a few months ago, bitcoin finally seems to be stabilizing. From $68,000, the crypto underwent a downtrend and its price dropped to $18,000. Despite weak rallies, many investors such as CZ remained confident. The great patron of Binance believes in the future of crypto assets and several people agree with him.
However, the course of things does not look very favourable. Indeed, the price of BTC stagnated over the past weekend and experts are pointing to a possible upside in the second half of 2022. With its recent release, Cheds is casting doubt among traders and challenging some theories.
Indeed, the crypto analyst with 268,000 Twitter followers recently announced that bitcoin could resume its downtrend in 48 hours. According to him, BTC is still in a bearish macroeconomic trend. As such, the rally from $17,600 to the low should quickly come to an end. Bitcoin should therefore soon leave the support it currently has to pour much lower in the coming days.
Bitcoin could bottom out at $12,000!
The recent fall in the cryptocurrency markets has left many investors perplexed. Even though everyone knows from the ground up that crypto is a risky sector, no one really hopes for a fall of this magnitude. While bitcoin produced ascending support, everyone was eagerly awaiting the continuation of the uptrend.
However, the dream soon ended with the collapse of Terra (LUNA). If the storm seemed to have calmed down, it was apparently to start again. According to crypto analyst Cheds, the price of bitcoin is expected to hit a low of $12,000. Already, during the day, bitcoin is down 1.51% and trading at $20,071 according to data from Tradingview. However, BTC is not the only one since Dogecoin, Luna crypto and XRP are in the same situation.
Remember that this analyst is not the first to allude to the probability of a relapse of cryptocurrencies. Mike McGlone also thinks that cryptos could dominate the rest of 2022. But before they get there, they will have to face some problems, including another period of falling.
Cryptocurrency news is increasingly in the news. Everyone is scanning the charts in hopes of decelerating evidence of a recovery there. However, providence does not seem to smile on him since Cheds is the bearer of bad news. According to the crypto analyst, bitcoin’s slide should 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 a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. In order to share my experience and make known a field that fascinates me, nothing better than writing informative and relaxed articles at the same time.