The broader market selloff has wiped $146 billion off of the cryptocurrency market in the last three weeks alone. The majority of the top ten coins posted a double-digit decline in the previous week. Cardano (ADA) and Bitcoin Cash (BCH) were among the biggest losers. Both coins lost 25% of their value last week. Ethereum (ETH) was the third biggest loser followed by Stellar (XLM) and IOTA (MIOTA).
The market participants and technical analysts, on the other hand, are seeing the extension of the bearish trend into this week.
Willy Woo, the technical Bitcoin expert who has 63K followers on his Twitter account, predicts the continuation of the bearish trend for Bitcoin price and the rest of the digital currencies. The technical expert claims that Bitcoin price could bottom in the range of $5,500 in June and he has four reasons to support his price prediction.
- High NVT signal
- High volatility
- Standard NVT overly high
- Volume Profile cliff below $6,800
Willy further added, “I don’t necessarily think we’ll fall through the 5000s… sure it’s a possibility, but it doesn’t have to. It’s not a repeat; it’s not Mt Gox and Willybot pushing up the price with faked orders, we aren’t detoxing from a scam bubble. Technically $5000s is a very strong support band.”
Although Bulls have criticized Willy Woo’s price bet, the majority of the technical analysts are supporting his price prediction.
Tradingview analysts, who based their price calls on moving averages and oscillators, don’t see positive momentum for this week. Twelve out of 26 analysts support a selling strategy while eight recommend holding and only 6 make a buy call.
The cryptocurrency bulls, however, are looking for some great news to reverse the bearish trend. The U.S. probe into price manipulation activities along with some prominent figures bashing the coin is making it harder for bulls to create a big rally.
Featured Image: twitter