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The king cryptocurrency has recovered $27,200, but investors are still worried about further losses. Over the past 4 months, BTC has made new highs and investors have gotten used to it. However, the peaks of the last 2 months have caused altcoins to melt down even more. Worse, Bitcoin has been paying for its rejection at $30,000 for a while. Altcoins are also paying for it.
What Happens to Bitcoin (BTC)?
BTC price seems to go wherever speculative investors pull it due to shallow liquidity. The lack of market makers is very much felt and this is no small problem. After closing the weekly candle below $27,000, the importance of this area has increased. BTC’s rapid fall below $26,000 last week had investors worried about further losses.
BTC, which closed the week at $26,930, then jumped to $27,550. It is now trading at $ 27,418. Although encouraging, this was Bitcoin’s weakest close since mid-March.
Will Cryptocurrencies Fall?
After the November crash, his analysis was uplifting and encouraged investors to buy. The analyst nicknamed Rekt Capital, who proved his right in the first quarter of the year, also discussed the current situation. His comments were very important as he appealed to a wide audience. He said the following;
“First, BTC Weekly (orange) failed to retake the $ 28800 level. Then BTC Weekly closed below $ 27600 and could not hold this level as support. If $27,600 turns into resistance for Bitcoin, this could lead to further declines towards $20,000.”
This perspective reinforces the existing warnings made over the weekend and adds to a small group of well-known experts who are still assessing the possibility of a significant pullback in BTC prices. However, Rekt Capital was, as always, generally positive about Bitcoin, looking beyond the current correction and its potential target.
“Bitcoin has already broken the downtrend. Now it’s all about sustaining the new uptrend. Whether a retest is necessary is a question. But history shows that the medium and long-term outlook is bullish.”
If Bitcoin plays the negative scenario, we could see deepening losses in altcoins. If not BTC, altcoins could see the historic lows of the last bear season during this period.
