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July 24, 2024
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Be Careful—Says an Analyst: Where are the Crypto Markets Heading Too?

The post Be Careful—Says an Analyst: Where are the Crypto Markets Heading Too? appeared first on Coinpedia Fintech News

The market participants appear to be extremely hopeful of the next price actions, as the sentiments have become extremely ‘greedy’. No sooner than the Bitcoin price marked yearly highs above $68,600, the bears quickly booked some profits. As a result, the price slipped below $67,000, losing over $1400 in just a few hours. With this, there are speculations of an interim pullback but the timing of its occurrence continues to remain unclear. 

In the long term, the Bitcoin price is trading within a massive ascending parallel channel and is yet to test the upper resistance of the channel. Therefore, the price is expected to maintain an ascending trend for the next few months that could propel the levels above $100K. However, as per our previous composition, the BTC price continues to remain in a decisive phase. 

What’s next? Will the Bitcoin price continue to soar or encounter a strong bearish action? A popular analyst, Michael van de Poppe, says that the price may continue to surge and mark a new ATH in the next few days. However, this could attract bearish action and drag the levels back to the mid-$50,000 range. 

While the analyst expects a massive pullback for the Bitcoin price after it marks new highs, the altcoins are expected to thrive at the same time. 

“Massive run and massive upwards move on Bitcoin,

It didn’t hit a new all-time high, but it will likely come in the next few days.

I think we’ll de seeing mid $50K regions in the coming months, and I think we’ll see altcoins continue to rally,

Some have woken up,”

Therefore, now that market sentiments have become extremely greedy with the fear & greed index hitting 90 for the first time since the 2021 bull run, a popular analyst known as Captain Faibik has cautioned his 82,000 followers to be careful as he expects a ‘shakeout’ soon. Moreover, the analyst suggests booking some gains and continuing to hold USDT. If minor dumps occur, the traders can buy at dips as suggested by the most popular investor, Warren Buffet, 

“Be fearful when others are Greedy and Greedy when others are fearful,” 

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