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A closely followed crypto strategist and trader says altcoins look poised for another serious corrective action.
The pseudonymous analyst Rekt claims to his 329,700 Twitter followers that Bitcoin (BTC) is Take-out Immediate resistance at $17,150 does not bode well for the crypto market as a whole.
A new BTC low could be in the cards, especially if $17,150 continues to act as resistance.
Therefore, a drop of up to -20% to ~$13,900 is not out of the question.
If BTC falls -20%, it will have a negative impact on altcoins and will definitely drop more than -20%. “
Historical bear market data, according to Rekt suggest Its altcoins still face more downside risks, especially if Bitcoin continues to show bearish signs.
Many altcoins have not returned to -90% to -99%, which is typical in the current bear market.
History suggests they still likely will, especially if BTC’s ~$17,150 levels continue to act as resistance.
At the time of writing, Bitcoin is trading at $16,870, up 2.80% for the day.
Looking at Ethereum, Rekt said ETH is likely to continue its downward trend after that. converting Critical support level for resistance.
In December of this year, ETH failed to regain support for three months.
In fact, this same old 3-month support is acting as a new resistance.
If ETH actually closes below $1,300 per month, a much lower price could be in store for the new year. “
At the time of writing, ETH is trading at $1,214, up 3.60% in the last 24 hours.
Cardano (ADA), Recto To tell He doesn’t expect Ethereum’s rival to reverse its downtrend anytime soon.
ADA has retraced -91% in this BTC bear market.
The lack of major support below for the foreseeable future will lead to further declines. ”
At the time of writing, ADA is trading at $0.289, up 2% from the previous day.
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