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Crypto analyst Tony Severino Has warned that the Bitcoin price risks a further crash. This came when he revealed a critical technical indicator, which became Bearish for the flagship Crypto, although he noticed that BTC Bulls can still make this current Bearish arrangement invalid.
Bitcoin price that is at risk of further crash when S&P monthly LMACD becomes bearish
In one XSeverino indicated that the Bitcoin price could crash further because the S&P 500 monthly LMACD started with bearish and the histogram has turned red. This development is important, as Intotheblock data shows that that BTC and the stock market I still have a strong positive price correlation.
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The Crypto analyst stated that BTC bulls can run this bearish arrangement for the Bitcoin price in the next 20 days, because instead varying would lead to a bullish setup. The failure of the bulls to turn this around for Bitcoin, however, can lead to a massacre For the flagship crypto, worse than it has already seen.
Severino stated that a confirmation of this Bearish arrangement could start a kick -off at the end of the month bear market Or Black Swan -Type event similar to what happened when the last two crossovers took place. It is worth noting that BTC has recently crashed to $ 76,000, which is concerned that the Berenmarkt may already be here.
Crypto experts like however BitMex co-founder Arthur Hayes have suggested that the bull market is still good for the Bitcoin price. Hayes noted that BTC has corrected about 30% against the current of all time high (ATH), which he noted is normal in a bull run. The founder of Bitmex predicts that the flagship Crypto will return as soon as the American Federal Reserve starts to relieve its monetary policy.
BTC still looks good despite recent crash
Crypto analyst Kevin Capital has suggested that the Bitcoin price still looks good despite the recent crash. In his last market update, he stated that BTC remains the most beautiful graph and that everything goes according to plan for the flagship Crypto. The analyst predicts that Bitcoin could still come down and could test the reach between $ 70,000 and $ 75,000, of which he claims it is still completely in order.
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Kevin Capital noted that the Bitcoin price can remain intact if it has an important market structure and the 3-day MacD-Geresets. He added that some decent Macr data can help the flagship crypto stay over the most important support levels. The American CPI data Will be released today, which can offer some lighting for the market if it demonstrates that inflation slows down. The analyst is convinced that one good inflation report and the FOMC can help to run the tides.
At the time of writing, the Bitcoin price acts at around $ 81,860, an increase of more than 2% in the last 24 hours, according to facts Van Coinmarketcap.
Featured image of Adobe Stock, Chart van TradingView.com