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Bitcoin fell throughout the day yesterday, losing around 6% to $27.6K, which raised the question of whether we are seeing the beginning of a prolonged decline.
Bitcoin closed below the 50-day moving average on Monday. The price remains below that curve and is stuck at $28.0K after gaining 1.3% so far today. If you can’t get past it again quickly, bitcoin’s drop below $27k will pave the way for a move to $22k, 200 days pass, which became a turning point in March.
Plantz, an analyst on Twitter, predicts that Bitcoin will drop to $25,000. From his point of view, the first cryptocurrency is unlikely to cross $30,000 soon. Bitcoin completed wave 5 and is now in a corrective ABC formation.
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Real Vision CEO Raoul Pal said after the First Republic Bank (FRB) bankruptcy that cryptocurrencies will outperform other asset classes amid the continued depreciation of fiat currencies and the ongoing banking crisis.
Peter Brandt, a technical analyst and president of Factor LLC, believes that Bitcoin will soon overtake all other cryptocurrencies and “bury all the scammers.” He referred to the chart of the BTC Dominance Indicator, which he believes is poised for a breakout after two years of consolidation.
According to Santiment Research, the prices of crypto assets in April were “very widely dispersed” and were barely correlated with each other.
This article was written by FxProAlex Kuptsikevich Senior Market Analyst.
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