BTC is hitting deeper lows every day and today it fell to $53,485. It was terrible for altcoins. Many cryptocurrencies erased their gains from the first quarter of this year and moved towards the 2023 lows. While some see this as an opportunity, others describe it as the last escape chance. So, what are the experts who expect a rise relying on?
Cryptocurrencies Are Falling
BTC could see a real rise across the market if it attempts $72,000 again and surpasses the ATH level. However, MTGOX sales are currently enough to scare investors. Market observers are surprised by the extent of the recent decline. Daan Crypto Trades wrote the following about the route:
“We have a tough road ahead, but once this massive oversupply is cleared, it will be great for the space in the long run.”
Daan Crypto Trades wrote that he continues to watch the broad bearish channel. Capo also frequently mentioned this.
“Interactions with channels usually mean a corrective pattern (consolidation before continuing).”
The third analyst Jelle said that by watching the BTC chart in a three-day timeframe, the long-term structure was being tested. Many experts were hopeful about a quick rebound.
“As it stands, we are looking at a lower dip level – but everything depends on the candle close – which coincides with the weekly candle close. A close above $57,000 maintains the bullish structure.”
Why Will Cryptocurrencies Rise?
Titan of Crypto seems confident that the rise in cryptocurrencies led by BTC will continue. Although the last weekly candle pressured investors in the Ichimoku Cloud indicator, not everything is over. Although the price at $56,150 fell below the Kijun Sen trend line, we saw a rise above it at the time of writing.
Speaking about the current outlook of BTC, which is squeezed into the upper trend line on the weekly chart, the analyst known as Titan of Crypto said:
“From an Ichimoku perspective, as long as a monthly candle does not close below the Kijun and is not confirmed by the next monthly candle, Bitcoin will continue to rise.”
If he is right, investors who take advantage of the dips in altcoins could achieve significant gains.
