The global cryptocurrency market has stabilized during the past 24 hours after a few turbulent days, with a 0.58% increase in the market capitalization of all cryptocurrencies.
The price of bitcoin remained stable on Monday despite a fall in US markets. Bitcoin was priced at $20,700, slightly lower than last week’s peak of around 21,090.
A cryptocurrency analyst has issued a warning to Bitcoin owners, saying that the recent BTC rise may have been the last leg up before a more significant corrective move.
According to a new strategy session from analyst Donalt, if BTC bulls fail to sustain the current rise, bitcoin’s support near $18,000, which has kept the king cryptocurrency reasonably stable since June, might not. Will happen.
“So basically, if you’re bullish, you’re going to have to pray that this resistance ($21,000) goes. You have to break it. If you’re bearish, if you sold into resistance, you have a pretty neat entry, and you can bet on basically [a] breakdown just based on the fact that we’ve had for once had a little bit of an impulse [rally].”
The analyst believes that BTC bulls still have the power to defy their analysis and spark a 40% rally for the leading cryptocurrency, even if a potential correction is on the way.
He said that the target is quite high. One can therefore aim for $29,000 if this breakthrough holds.
After a significant pullback, BTC price has been in a period of consolidation for the past few days. It is forming a significant psychological range above the $20,000 level as well as slightly above the 25- and 50-day moving averages. Only time will tell if bitcoin has finally changed direction.
