Bitcoin
BTC$16 204.64

-2.14%

Ethereum
ETH$1 173.16

-3.68%

Tether
USDT$0.999647

0.01%

Binance Coin
BNB$294.91

-5.89%

USD Coin
USDC$1.000120

0%

Binance USD
BUSD$1.000244

-0.05%

Bitcoin is unlikely to bottom so early and high


07 Jun 2022

#Bitcoin

Bitcoin rose 4.9% on Monday, ending at around $31.5K. However, on Tuesday morning, the first cryptocurrency collapsed 7% to $29.5K, the second such bear attack in the past seven days. Both were of similar magnitude, but the latter should have a more considerable negative effect. It more than offset Monday's gains and temporarily brought the price back to levels from May 30. The BTCUSD consolidation has been going on for more than a month.

Earlier it was formed as a triangle with decreasing amplitude of fluctuations, but since the end of last month, it became more like a sideways pattern, from which it makes several failed attempts to break upwards.

The market dynamics this Tuesday morning are a reminder that the market cannot now rally again as it did in 2020. Bitcoin's prolonged sideways slide is turning current prices into the norm, although current levels seemed like a good buy for the long term two months ago. 2018 and 2019 teach us that such consolidations can last for months and often lead to new selloffs from frustrated fast earners. In our view, the bitcoin bear market is not over yet, although it has made a significant part of its way down.

Bitcoin is unlikely to bottom so early and high

The market is full of rumours that short-term buyers have already capitulated, backed up by Kathy Wood. But the whole bear market rarely ends at this phase. Far more often, a bull market begins when medium-term investors and even some long-term investors capitulate, bringing stressed market professionals into play. It is unlikely to reach this point before the price returns to the highs of 2017. Bitcoin's short-term volatility is irrelevant, MicroStrategy CEO Michael Saylor said. He said BTC is the surest thing in a very volatile world and is more suited to long-term investment rather than trading.

According to a survey by The Economist, 37% of respondents in the world's leading economies are interested in having their governments adopt cryptocurrencies as legal tender.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 56.8% 88 $16 204.64 -2.14% 0.42% $311 432 382 083 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60% 85 $1 173.16 -3.68% 3.84% $143 563 762 696 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $0.999647 0.01% 0.09% $65 339 620 742 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68% 66 $294.91 -5.89% 12.96% $47 177 552 111 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000120 0% 0% $44 306 171 640 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000244 -0.05% -0.12% $22 407 001 633 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 66% 75 $0.383128 -4.39% 7.55% $19 270 850 639 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 59.6% 90 $0.094582 -2.17% 23.40% $12 548 267 698 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 61.2% 81 $0.305387 -3.59% -0.43% $10 515 677 795 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 68.4% 68 $0.820379 -4.13% 1.77% $7 165 449 645 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 66% 72 $5.15 -4.45% -2.03% $5 867 952 400 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 94.8% 1 $1.000150 0.03% 0.05% $5 658 820 698 DAI 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 60.8% 79 $0.052628 -1.01% 4.79% $5 351 021 559 WTRX 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 66% 70 $71.68 -6.38% 18.26% $5 139 815 623 LTC 7 days price change

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