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Although Bitcoin price has recovered after its October 10 flash crash, expectations for the cryptocurrency should not yet optimistic. Predictions about where the cryptocurrency could find yourself have been more pessimistic, especially with sentiment still trending negative. As the worth did not regain $115,000, the likelihood of a crash has increased and calls for the following bear market have develop into even louder.
The Bitcoin price is prone to crash
Crypto analyst RealMacro emphasizes that there’s a possibility that Bitcoin price could soon suffer a crash. This is because Bitcoin price continues to consolidate across the $110,000 mark and has failed to achieve significant momentum from here.
This is since the cryptocurrency has also shown major vulnerabilities during this time and the crypto analyst now believes that Bitcoin price is at a “critical inflection point.” There is a possibility that Bitcoin price can still get better from here and reach a brand recent all-time high. However, because the bears gain an increasing number of ground, there could still be a major price drop from here.
According to the crypto analyst, if there have been a collapse within the Bitcoin price, there could be a so-called waterfall decline. This is frequently a pointy decline that pushes the worth to recent annual lows and would end in a double-digit decline.
If this crack occurs in Bitcoin, the crypto analyst believes that the Bitcoin price could collapse by greater than 50%. Therefore, the crypto analyst advises investors to be cautious and check out to exit the market before this big crash occurs.
Source: TradingView
Not only is the worth expected to crash by greater than half, however the analyst can be setting a goal below $30,000. This would represent a 70% price drop and would likely result in an excellent greater extinction of altcoins out there.
Currently, the Bitcoin Fear & Greed Index still shows a variety of fear out there. Earlier this week, the index fell into extreme fear territory, indicating that liquidity was not flowing into the market. There has been some improvement as fear increases, but investors are still very cautious.
However, times like these have often been one of the best times to enter the market as they supply investors with good entry opportunities. However, with Bitcoin price still above $100,000, the query is what would occur if the worth continues to plummet.
BTC price rises above $111,000 | Source: BTCUSD on Tradingview.com
Featured image by Dall.E, chart by TradingView.com
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