Bitcoin is unlikely to bottom so early and high
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.
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 67.2% | 61 | $27 840.71 | 1.21% | -0.56% | $538 129 695 575 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 73.2% | 45 | $1 767.58 | 1.19% | -2.66% | $216 305 397 091 |  |
|
| 3 |  USDT |
Tether predictions | 91.2% | 1 | $1.000675 | -0.02% | -0.22% | $79 075 659 998 |  |
|
| 4 |  BNB |
Binance Coin predictions | 69.6% | 55 | $327.63 | 1.31% | -3.17% | $51 729 397 468 |  |
|
| 5 |  USDC |
USD Coin predictions | 92.8% | 2 | $0.999850 | 0% | -0.01% | $33 908 036 023 |  |
|
| 6 |  XRP |
XRP predictions | 83.2% | 31 | $0.448514 | -2.25% | 14.10% | $22 852 174 189 |  |
|
| 7 |  HEX |
HEX predictions | 60.4% | 82 | $0.083472 | -7.12% | -4.02% | $14 474 941 650 |  |
|
| 8 |  ADA |
Cardano predictions | 75.6% | 39 | $0.355402 | -0.43% | 1.86% | $12 343 469 988 |  |
|
| 9 |  STETH |
Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 10 |  MATIC |
Polygon predictions | 78% | 45 | $1.096341 | 0.35% | -8.87% | $9 955 292 481 |  |
|
| 11 |  DOGE |
Dogecoin predictions | 74.4% | 42 | $0.074572 | -0.20% | -1.62% | $9 893 472 420 |  |
|
| 12 |  BUSD |
Binance USD predictions | 93.2% | 1 | $0.999729 | -0.01% | -0.10% | $8 022 170 532 |  |
|
| 13 |  SOL |
Solana predictions | 76% | 46 | $20.85 | 0.67% | -5.99% | $8 004 990 448 |  |
|
| 14 |  DOT |
Polkadot predictions | 75.6% | 39 | $6.03 | 0.57% | -7.80% | $7 053 783 531 |  |
|
| 15 |  LTC |
Litecoin predictions | 70.8% | 57 | $93.16 | 0.89% | 9.35% | $6 760 087 916 |  |
