Bitcoin
BTC$27 840.71

1.21%

Ethereum
ETH$1 767.58

1.19%

Tether
USDT$1.000675

-0.02%

Binance Coin
BNB$327.63

1.31%

USD Coin
USDC$0.999850

0%

XRP
XRP$0.448514

-2.25%

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 67.2% 61 $27 840.71 1.21% -0.56% $538 129 695 575 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 45 $1 767.58 1.19% -2.66% $216 305 397 091 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000675 -0.02% -0.22% $79 075 659 998 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 69.6% 55 $327.63 1.31% -3.17% $51 729 397 468 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.8% 2 $0.999850 0% -0.01% $33 908 036 023 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 83.2% 31 $0.448514 -2.25% 14.10% $22 852 174 189 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 60.4% 82 $0.083472 -7.12% -4.02% $14 474 941 650 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 75.6% 39 $0.355402 -0.43% 1.86% $12 343 469 988 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 78% 45 $1.096341 0.35% -8.87% $9 955 292 481 MATIC 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 74.4% 42 $0.074572 -0.20% -1.62% $9 893 472 420 DOGE 7 days price change
12 Binance USD (BUSD) BUSD Binance USD predictions 93.2% 1 $0.999729 -0.01% -0.10% $8 022 170 532 BUSD 7 days price change
13 Solana (SOL) SOL Solana predictions 76% 46 $20.85 0.67% -5.99% $8 004 990 448 SOL 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 75.6% 39 $6.03 0.57% -7.80% $7 053 783 531 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 70.8% 57 $93.16 0.89% 9.35% $6 760 087 916 LTC 7 days price change

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