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Crypto analyst Melika Trader Has warned about a volume decrease that could cause a Bitcoin -Prijscrash of 60%. The analyst gave an in -depth analysis of what this price crash could mean and if it would mark the end of the Bullrun.
How the Bitcoin price could crash by 60% and drops to $ 49,000
In one TradingView -messageMelika Trader revealed how the Bitcoin price could crash by 60% and drops to $ 49,000. The analyst noted that BTC is just above one Critical support zoneAn area that he claimed that many traders acknowledge the “most important support level” from a volume perspective on Binance.
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His corresponding graph showed that the Bitcoin price could suffer a decrease of 60% as soon as it loses the former trend line of $ 75,000. The Crypto flagship is also in danger and has lost the critical support at around $ 83,000. This descend to $ 49,000 Would return BTC to the high volume hik near $ 30,000.
This offers an ultrabarish prospect for the Bitcoin price. Melika Trader, however, has set a turn and stated that only 20% of traders could actually lose. He noted that, according to the volume profile data of Binance, the most buy activity and position -accumulation took place under $ 35,000.
The analyst further said that most Long -term holders and smart money entered during the accumulation range 2022/2023. The volume profile visible reach (VPVR) is also said to show considerable support under the current Bitcoin price, with at least trade volume at higher levels. Melika Trader noted that only a minority of traders bought BTC above $ 70,000 during his late bull run.
In the meantime, most investors are still in profit or break, even if the Bitcoin price brings itself back to its base. As such, most traders are safe, because BTC risks a decrease of as low as $ 49,000.
Why the Bullmarkt of BTC is over
CEO of Cryptoquant, Ki Young Ju, recently claimed that BTCs Bull Market is beyond the Bitcoin price fall in the midst of the Bitcoin. He referred to the ‘realized cap’ metal to explain his confidence that the Bullrun is over. The cryptoquant CEO noted that if the realized cap grows, but market capitalization stagnates or falls, this means that capital flows, but prices do not rise.
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Ki Young Ju noted that this is a clear bearish signal, and this is what is currently happening. Capital is now on the market, but the Bitcoin price does not respond, which he claims is typical of a bear market. The cryptoquant CEO even explained that Large purchases such as micro strategies Does not push the prices up because there is currently too much sales pressure.
Ki Young Ju again confirmed that the current data indicate the Bitcoin price in a Bear Market. He noticed that sales pressure could relieve at any time, but warned that historically the real reversations last at least six months. As such, the CEO of the cryptoquant believes that a short -term rally seems unlikely.
At the time of writing, the Bitcoin price acts at around $ 77,000, according to more than 7% in the last 24 hours, according to facts Van Coinmarketcap.
Featured image of Unsplash, graph of TradingView.com
