• 23 July, 2024
News

Crypto’s Current Bearish Trend Forecasts a Bullish Future; Says Trader

The latest findings on cryptocurrencies suggested that the current bearish tendency of Bitcoin and altcoins is an indicator of a forthcoming bullish crypto market. Though the top cryptocurrencies including Bitcoin, and Ethereum have been exhibiting a downward trend over the past few weeks, the crypto trader Crypto Tony predicted that the negative inclination of the digital assets would soon ascend to a bullish future.

On May 13, Crypto Tony shared his perceptions of the current bearish crypto market, which, according to him, signals a bullish future by the third quarter of 2023:

At the time of writing, Bitcoin is traded at $26,807.71 marking a surge of 1.85% in the last 24 hours. Though BTC has touched an 11-month high of 30,000 in the last month, the asset is again back on the declining trajectory, falling nearly 2% in a week.

Source: CoinMarketCap

Similarly, the second largest cryptocurrency by market cap, Ethereum has also been exhibiting a downward trend, reaching $1,806.13 from the last month’s $2,127.6. The current price of ETH marks a decline of 2.12% in one day and more than 3% in the last seven days.

Source: CoinMarketCap

However, Crypto Tony shed light on the possibilities of bullish market ahead, quoting:

When we drop people panic easily, but zoom out and you can see a chance at pumps Q3”.

The trader added that the major dips that the crypto community nervously analyses on BTC and other altcoins would “end up holding the major support zones, leading up to absolutely monster pumps for June / July”.

As per the reports, the crypto community has been inflamed by the fear of an impending crypto winter, as cautioned by the current downward trends. Consequently, a large portion of crypto investors is seen selling their crypto holdings foreseeing a long squeeze. It should be remembered that such panic selling could result in a further decline.

Cardano (ADA) Price Faces Resistance at 50-Day MA - Potential Breakout Ahead? Read Previous

Cardano (ADA) Price Faces Resistance at 50-Day MA - Potential Breakout Ahead?

Elon Musk’s PEPE Meme Leads To 15% Hike In The Memecoin’s Price Read Next

Elon Musk’s PEPE Meme Leads To 15% Hike In The Memecoin’s Price