bitcoin (B T c) is heading towards a “complete carnage” that will result in a trip to around $25,000, a popular trader has warned as the bullish signals for BTC/USD disappear.
In an exclusive direct tweet this week, Twitter account Cobra Crypto warned that 20% of the entire cryptocurrency market cap is about to be shaved off.
To see “complete carnage” within crypto days?
Bitcoin has declined in recent days despite “feelgood” news from the Bitcoin 2021 conference, including adoption in latin america.
Now, after BTC/USD fell 9% overnight, the focus is not on a recovery, but on a price drop to test the “Diamond Hands” of the holders.
According to CobraCrypto, the size of the surrender will cost $30,000 of support that remained during the May retracement.
“Complete genocide within the next 5 days or so can you tell me how wrong I was,” he wrote on 4 june
An update gave a 48-hour time frame from Monday for fresh losses to enter the market. He argued that bitcoin would not stop at $32,000.
It’s not even a dump. Just wait another 48 hours max.
— CobraCrypto (@CobraCrypto) June 7, 2021
At the time of writing, BTC/USD traded at $33,000, and repeatedly traded with $32,000 during Tuesday.
cobra crypto couple That he would “get back to scale” in bitcoin at less than $28,000.
no sign of reverse
Meanwhile, bitcoin’s problems are already spreading to altcoins, some of which previously managed to survive the overall downtrend to deliver solid gains to holders.
With the exception of Theta Fuel (TFUEL) and Yunus Said Leo of the exchange iFinex (Leo) tokens, the entirety of the top 50 cryptocurrencies by market capitalization were in the red on Tuesday.
A 20% reduction would bring the overall cryptocurrency market cap to around $1.13 trillion, yet retain its trillion-dollar status.
Crypto Cobra was not the only one to predict negative price moves. as Cointelegraph Reported, fellow trader Crypto Ed is also betting on further bearish moves for bitcoin.
“Be careful, I think we still get 1 leg down, the bounce is weak,” he warning In your latest update.
“BTC 32k or less ETH 2400 or less.”