Bitcoin will fall until the bulls capitulate
Bitcoin is trading near $33.5K on Monday morning, declining for the fifth consecutive day. Over the past 24 hours, losses are 2.3%, and are approaching 14% over the past seven days. Ether loses 3.5% in 24 hours and 14.3% for the week, settling near $2450. Altcoins from the top ten are down between 0.8% (XRP) and 4.3% (Cardano).
Total crypto market capitalisation, according to CoinMarketCap, is down 2.3% overnight to $1.54 trillion. More worryingly, volumes are rising along with falling prices. This situation points to an increasingly rapid exit from cryptocurrencies, even though the process takes place without sharp dips. We see an orderly exit – a sure sign that downward sentiment may prevail.
The optimists, however, have something to hang on to. The Cryptocurrency Fear and Greed Index has collapsed to 11. Over the past year, the index has been at the current or lower level six times, and on each occasion, we have seen either consolidation or the start of a rally and a rebound.
In March 2020, when the index similarly reached single digits, we saw an influx of long-term buyers. The current extreme fear may attract buyers who have been waiting for extreme oversold conditions to buy cryptocurrencies long term.
However, we note that the amplitude of crypto market fluctuations does not resemble either a capitulation of enthusiasts or a wave of stop orders triggering. Typically, a trend reversal is preceded by a sharp increase in momentum with the eventual resignation of those who stood against the trend.
In our case with Bitcoin, this could translate into a sharp acceleration of the sell-off after falling below $30K, all the way to the $23K or even the $20K area. It is only from this level that major long-term buyers can be expected to emerge.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 87.6% | 23 | $19 477.75 | 4.45% | 1.63% | $373 264 823 304 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 66.8% | 71 | $1 335.97 | 4.93% | 3.54% | $163 755 405 431 |  |
|
| 3 |  USDT |
Tether predictions | 92.8% | 1 | $1.000060 | 0.01% | 0% | $67 960 262 498 |  |
|
| 4 |  USDC |
USD Coin predictions | 96% | 1 | $1.000123 | 0.01% | 0.01% | $48 707 702 464 |  |
|
| 5 |  BNB |
Binance Coin predictions | 86% | 15 | $280.78 | 4.22% | 4.60% | $45 299 859 595 |  |
|
| 6 |  XRP |
XRP predictions | 59.6% | 83 | $0.440273 | 4.36% | 3.80% | $21 969 915 706 |  |
|
| 7 |  BUSD |
Binance USD predictions | 90.8% | 1 | $1.000647 | 0.05% | -0.01% | $21 055 852 896 |  |
|
| 8 |  ADA |
Cardano predictions | 80% | 35 | $0.437309 | 2.31% | -3.28% | $14 973 500 079 |  |
|
| 9 |  SOL |
Solana predictions | 81.2% | 31 | $33.70 | 5.17% | 4.85% | $11 957 820 597 |  |
|
| 10 |  STETH |
Lido stETH predictions | 93.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 11 |  DOGE |
Dogecoin predictions | 88.4% | 16 | $0.060417 | 1.68% | 2.72% | $8 015 516 955 |  |
|
| 12 |  DOT |
Polkadot predictions | 70.8% | 55 | $6.44 | 2.66% | 0.22% | $7 223 798 979 |  |
|
| 13 |  DAI |
Dai predictions | 94% | 1 | $0.999736 | 0.02% | -0.07% | $6 861 849 280 |  |
|
| 14 |  MATIC |
Polygon predictions | 69.6% | 62 | $0.745555 | 3.08% | -0.82% | $6 511 915 521 |  |
|
| 15 |  WTRX |
Wrapped TRON predictions | 94.4% | 5 | $0.060062 | 1.88% | 0.71% | $6 106 889 160 |  |
