‘Bitcoin will be able to rally towards the $44,000 region’ IF it meets these criteria
More than enough has already been said and written about the latest market depression in the cryptocurrency sector. Now, the main trending question that has surfaced over the past couple of days is this – ‘Can Bitcoin and altcoins recover? If yes, when?’
The analyst drew parallels to another time when the king coin took a deep dive down the price charts. Black Thursday back in March 2020 saw the world’s largest cryptocurrency crash to the $3000-levels.
Only twice in #BTC's price history have we seen such extreme sell-side volume
In March 2020
And most recently
— Rekt Capital (@rektcapital) May 24, 2021
“BTC was inside the $32000-$38000 range for a few days And now it has broken into the $38000-$44000 range”
The same can be highlighted by the graph below,
What about the possibility of Bitcoin heading to the $44k mark though? Here’s what the analyst was quick to acknowledge,
“Turn $38K into support and BTC will be able to rally towards the $44000 region. However still, many days left until the Weekly Close to confirm $38K as new support.”
Here, it’s worth noting that though long-time traders have expressed their bullish sentiments lately, the Fear & Greed index suggested that extreme fear was still governing the market at the time of writing. What’s more, at the time of writing, corrections had hit the market again, with the world’s largest cryptocurrency trading just under $37k.
Bitcoin Fear and Greed Index is 22 – Extreme Fear pic.twitter.com/EXYQF7UkaJ
— Bitcoin Fear and Greed Index (@BitcoinFear) May 26, 2021
With respect to ADA‘s price trajectory, the analyst commented that it was ‘probably the best looking chart as of now.’
“Currently above a historical resistance (red) that has plagued ADA for 4 months now….Monthly Close like this & Cardano may dip to the red area just to turn it into support before spring-boarding into a newly confirmed uptrend.”
At the time of writing, Cardano was trading at $1.56, with the alt having seen a price correction of 2.15% in the 24 hours before press time.
At the time of writing, LINK was trading well under the $40-mark, as per TradingView.
In the last 48 hours, it witnessed a 23% incline, as was evident in the attached graph. With respect to its bullish momentum, the analyst added,
“Not only was LINK able to keep its multi-month Higher Low But it also broke out from the green area which has served as a valuable support for LINK uptrends.”
The silver to Bitcoin’s gold recorded a surge too. Litecoin checked in a 69% recovery post its crash. At the time of writing, it was trading at around $196 price, with the alt having corrected by 2% over the last 24 hours.
The same was highlighted by Rekt Capital.
$LTC crashed all the way towards the top of the W-Shaped formation & turned it into support (orange)
Not only that, but LTC has almost cleared three major Monthly levels on its +69% recovery
— Rekt Capital (@rektcapital) May 26, 2021