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Cryptocurrency investors closely follow a popular crypto analyst who has published a new market assessment. Let’s look at the current situation and the analyst’s latest predictions for crypto. What’s next? It’s impossible to know, but predictions with potential for success can offer a blurry projection of the future.
Senior Crypto Analyst’s Commentary
Checkmate makes significant evaluations, especially regarding the on-chain outlook. Two days ago, before BTC dropped to the $58,500 levels, he made some assessments on his social media account. At the time of writing, BTC is trading at $61,898. The analyst wrote:
“When too many people buy too many coins at very high prices, ‘top-heavy’ regions form. The critical question in these scenarios is, ‘Okay, they are losing money, but how bad is it?’ Losing 1% is definitely different from losing 20%.
In terms of unrealized profit, short-term Bitcoin investors are at a significant decision point. There needs to be a bounce here.”
So, has the region that could trigger this correction formed? And what are the expectations?
“Although we are not yet ‘Top Heavy,’ we are on the brink of it. Intermittent consolidation remains my base scenario, and markets usually need to go down before they go back up. (Indeed, we saw this drop after his last comment) After 18 months of only upward 
price movements, a few months of consolidation and correction is not only expected but necessary. Don’t be shaken, folks, but this usually requires managing short-term expectations.
Evaluate events from a broad perspective. Stay humble and accumulate BTC.”
Will Cryptocurrencies Rise?
After the analyst’s assessment, BTC already experienced an expected drop. We saw significant losses and visited the key support level at $58,500. Now, consolidation processes need to work before further losses. We are not in a downtrend, and the trend is still upward. We are in a consolidation phase and have seen the drop. So now, we should witness new upward attempts with a significant recovery.
We experienced a temporary rise on June 25. If this continues for a few days, it could trigger gains of 20% or even 30% in altcoins. Because the recent drop wiped out such values from many cryptocurrencies in a few weeks.
