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Cryptographic analyst Melika Trader warned against a drop in volume that could trigger a Bitcoin price crash of 60%. The analyst provided an in -depth analysis of what this price accident could mean and if he marked the end of the Taurus race.
How the price of Bitcoin could crash by 60% and fall to $ 49,000
In a TradingView PostMelika Trader revealed how Bitcoin’s price could crash 60% and drop to $ 49,000. The analyst noted that the BTC is suspended just above a Critical support zoneAn area he said that many traders recognize as the “most important level of support” from the volume point of view on Binance.
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His accompanying table has shown that the price of Bitcoin could undergo a decrease of 60% once it loses the old trend line at $ 75,000. The flagship crypto is also in danger, having lost critical support at around $ 83,000. This fall at $ 49,000 would bring BTC back to the high volume range close to $ 30,000.
This provides an ultra-behavior perspective for the price of Bitcoin. However, Melika Trader raised a twist, declaring that only 20% of traders could really lose. He noted that, according to Binance volume profile data, the majority of purchase activities and position accumulation occurred below $ 35,000.
The analyst also mentioned that most long -term holders And the intelligent money entered into the 2022/2023 accumulation range. The visible range of the volume profile (VPVR) will also show a significant support below the current Bitcoin price, with a minimal trading volume at higher levels. Melika Trader noticed that only a minority of traders bought BTC during his late Bull Run above $ 70,000.
Meanwhile, the majority of investors are still in profit or the profitability threshold, even if the Bitcoin price is found at its base. As such, most merchants are sure because the BTC risks a drop to $ 49,000.
Why is the BTC Haussier market finished
CEO of cryptotics, Ki Young Ju, recently said that BTC’s Bull Market is more in the middle of the drop in the price of bitcoin. He referred to the “carried out” metric to explain his confidence that the bull race is over. The CEO of Crypttoque noted that if the ceiling carried out increases but that market capitalization stagnates or is down, it means that capital flows, but that prices do not increase.
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Ki Young Ju noted that this is a clear bearish signal, and that’s what is happening today. Capital enters the market right now, but the price of bitcoin does not respond, what it claims is typical of a lower market. CEO Cryptoque explained that even Big purchases like microtrates Do not push prices because there is too much sales pressure at the moment.
Ki Young Ju has once again said that current data indicate that the price of bitcoin is on a lower market. He noted that the sale pressure could fade at any time, but warned that, historically, real reversions take at least six months. As such, the CEO Cryptoque believes that a short -term rally seems unlikely.
When writing data from CoinMarketCap.
Felash star image, tradingView.com graphic
