Bitcoin Bear Market Downs Are Around the Corner! Analyst charts bottom levels
The global crypto market has fallen below the $1 trillion market cap after falling 3.45% and is now positioned at $963.64 billion.
Under these circumstances, a well-known crypto strategist and analyst known anonymously as ‘Smart Contractor’ is now warning his followers to be cautious of Bitcoin’s price action.
The analyst informs his 210,000 Twitter fanbase that last week’s price rally in Bitcoin had pushed the price above $24,000, which was nothing more than a bull trap.
According to him, last week’s rally was just a fakeout; therefore, the analyst is waiting to buy below new lows.
Next, the strategist claims that this bull trap was not just for Bitcoin, but other cryptocurrencies as well, saying that new bear market levels are around the corner for the crypto space.
Smart Contractor further states that last week’s overall price action in the crypto space led to bullish breakouts in a few assets, which were also false. He claims that this is a difficult time to trade, and he will only continue to do so when 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 on the flagship currency will remain bullish even unless the currency trades above $19,615.
Credible also states that Bitcoin could turn below $21,600 due to ongoing market conditions. Moreover, the analyst claims that Bitcoin has already completed its five-wave price movement; therefore, 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 fall of 3.81% in the last 24 hours.
