Good morning, traders worldwide! And happy Valentine! I know a lot of us probably spent our Valentine's day with the market charts and those red candles everywhere... LOL! Seriously though, the crypto market has been bleeding hard lately.
Bitcoin dropped down to around $60,000 earlier this month, but it bounced back a bit and is now sitting near $68,000 and $69,000 .Many altcoins have also taken big hits and are down a lot too. Many people are arguing if prices have reached the bottom.
Well, to me, I think bitcoin still has many price levels at the lower territory to reach, I think this is just the beginning of bear market. Normally we need to see almost 60-70 % drop in price for the main bear market going by the four years Bitcoin market cycle. I won't get myself bothered about what is happening now.
I will sit quietly watching what's unfolding until we hit the last bottom. Currently prices are at $68,800 price level, resistance at $70,000 and support at $60,000 price levels. Am still expecting price to break the support level down . According to my analysis, Bitcoin is expected to drop to $40,000 - $38,000 price levels. Before Bitcoin dropped like this in price, I already told you guys that prices were shifting since when Bitcoin was at $115,000, I called out $55,000 price levels, but none believed, not even on Binance Square. But now, here we are, and more liquidations are waiting, market will drop lower and people will think that crypto is gone.
Well, the best time to begin to buy is immediately price breaks down to $55k, then crypto asset will drop drastically losing almost 70% of their values, you should begin your accumulation from this levels. Alright guys! I was just trying to discuss Bitcoin a little. Be careful while trading and be financially responsible, market doesn't care about your feelings. Cheers!
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