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Cryptocurrency Market Downturn: Analysts Warn of Potential Levels for Bitcoin

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by Giorgi Kostiuk

3 hours ago

Last week, Bitcoin and altcoins started with a downward correction despite positive news from the US.

Bitcoin Down to $75,000

BitMEX co-founder Arthur Hayes described the current situation as an 'ugly start' and predicted that Bitcoin would retest $78,000. If it fails to maintain this level, the next target would be $75,000.

Ugly start to the week. Looks like BTC is going to retest $78k. If it fails, next target is $75k.Arthur Hayes

Peter Brandt's Analysis

Analyst Peter Brandt, with 50 years of experience, also pointed out the possibility of further decline for Bitcoin. He highlighted three criteria that confirm the bearish trend: 1) Market completes double top, 2) Re-tested by the flag at the top, 3) Flag completed, Bitcoin confirms bearish chart.

1. Market completes double top 2. Top re-tested by pennant 3. Pennant completed, confirms bearish chart.Peter Brandt

Cryptocurrency Market Under Pressure

Against the backdrop of global economic risks, such as increased trade war fears, the cryptocurrency market continues to face pressure despite positive US news. This leads to declines in major cryptocurrency assets.

Experts believe that Bitcoin and other cryptocurrencies may continue to fall in price if significant resistance levels are not regained.

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