Bitcoin

Bitcoin Bear Market Lows Are Around The Corner! Analyst Maps Bottom Levels

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Jul 26, 2022

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The global crypto market has fallen beneath $1 trillion market capitalization after dropping by 3.45% and is now positioned at $963.64 Billion.

Under these circumstances, a well-known crypto strategist and analyst who is anonymously known as ‘Smart Contracter’ is now alerting his followers to be cautious about Bitcoin’s price action

The analyst informs his 210,000 Twitter fanbase that last week’s price rally by Bitcoin had pushed the price above $24,000, which was nothing more than a bull trap.

According to him, the last week’s rally was just a fakeout; hence the analyst is waiting to purchase during new lows.

Next, the strategist asserts that this bull trap wasn’t just for Bitcoin but other cryptocurrencies as well and says that new bear market lows are around the corner for the crypto space.

Smart Contractor further says that last week’s overall price action in the crypto space led to bullish breakouts in a few assets, which was also fake. He claims that this is a difficult time to trade, and he will only continue to do so once assets hit new lows in the coming weeks. 

Bitcoin Price Below $19,600?

Meanwhile, another crypto trader and analyst, Credible, informs his 337,400 Twitter followers that his stance towards the flagship currency will remain bullish until and unless the currency trades beyond $19,615.

Credible also states that Bitcoin may flip below $21,600 due to ongoing market conditions. Moreover, the analyst claims that Bitcoin has already completed its five-wave price movement; hence he expected a higher low in the coming days.

However, the King currency has already lost its $21,600 position and is currently trading at $21,109, with a drop of 3.81% over the last 24hrs.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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