Certainly 2022 was that of the realization of large projects in the Fintech sector. But it was also an unfortunate time for many investors, as prices plummeted in the cryptocurrency market. There have also been many crypto platform hacks. Currently, traders are trying to stay confident in imagining that this end of the year will give way to an uptrend. But a famous cryptocurrency analyst, who predicted the 2022 crash, warns of a continuation of the bear market.
Another spectacular collapse in cryptocurrency prices?
Cryptocurrency analyst Chief has once again warned his Twitter followers of a price slump in the markets. He has To explain that current conditions in the cryptocurrency market indicate that there will be a slump this month. According to the trader, the the bear market will continue for bitcoin (BTC), ether (ETH) and other altcoins.
Chief highlighted the fact that the DXY, which is the US dollar index, is showing an upward trend. He also spoke of a key resistance in the S&P 500 (SPX) which portends a bearish trend. According to the analyst, these two signals indicate a bearish trend in the cryptocurrency market.
Furthermore, the trader said that altcoins have been hit with scams lately. “Most altcoins have been scammed (some may still be). Protect your profits. New lows are likely in November“, He explained.
A rise followed by a sharp decline for BTC and ETH
Chief predicted resistance of around $ 20,000 per bitcoin (BTC). The analyst he expects that the price of the flagship cryptocurrency reaches $ 21,000 during this month. But then think BTC will drop sharply to the point that it drops to $ 14,000 By the end of the month.
Chief also believes that Ether will drop well below its current value which is around $ 1,500. The cryptocurrency analyst estimates that ETH will drop to $ 800 or even $ 700. It is therefore expected to about 50% drop for the second largest cryptocurrency by market capitalization.
For the famous cryptocurrency analyst Chief, bitcoin (BTC), ether (ETH) and other altcoins have not finished with the bearish trend. The trader expects a second price collapse in the cryptocurrency market this year.
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Far from dulling my enthusiasm, a fruitless investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore decided to study and understand the blockchain and its multiple uses and to transmit information relating to this ecosystem with my pen.