- Crypto Tony predicts Bitcoin will slide to $20K as the market prepares for significant changes.
- According to Tony, Ethereum and other altcoins are in a ‘depression’ phase, but a resurgence may be on the horizon.
- The analyst sees a promising bull bounce for Maker, with the support zone being critical for future dynamics.
Crypto Tony, a renowned analyst on the X platform, has provided some insights into the market’s current dynamics. According to Tony, Bitcoin, currently priced at $27,764.20 with a 24-hour trading volume of $8,007,620,962, is heading into the “disbelief stage.” This phase often precedes a significant downward move, and if Tony’s predictions hold, the market might see Bitcoin bottoming out at around $20,000 in the upcoming months.
$ETH / $BTC – #Altcoin Update
— Crypto Tony (@CryptoTony__) October 9, 2023
I expect the down moves to continue as Alts progress through their depression stage. The time will come to buy in mass, but not just yet. Only a set few and diverging from the trend right now pic.twitter.com/C3r5gf1qU6
Regarding the Ethereum to Bitcoin ratio ($ETH/$BTC), Crypto Tony anticipates continuing the downward trend with his reasoning grounded in his observation that altcoins, notably Ethereum, are currently navigating through a distinct ‘depression’ phase in the market cycle.
While this might sound bleak, it’s crucial to note that every market cycle witness such phases, usually followed by a resurgence. As Tony puts it, there will be a time to “buy in mass,” but that moment hasn’t arrived yet. Interestingly, he observes a few outliers that diverge from the prevailing trend.
Switching gears to Maker ($MKR), Tony exhibits a slightly more optimistic tone. Maker currently stands at $1,406.75, with a 24-hour trading volume of $41,980,954, a 0.77% drop in the past 24 hours. Although Tony mentions the bounce hasn’t been the most robust, it’s a promising start from the bulls. Tony’s strategy involves maintaining a long position on Maker as long as it stays above the designated support zone. However, he’s also cautious and will retract if that support is breached.
Cryptocurrency markets are volatile, and predictions can be a double-edged sword. However, insights from seasoned analysts like Crypto Tony can offer guidance. Whether a seasoned investor or a newbie, staying informed and closely watching market indicators is paramount. Per analysts, a new dawn follows every depression phase, and staying patient could be the key to unlocking potential rewards.
