Market picture
Bitcoin fell
all day yesterday, losing around 6% to $27.6K, raising the question of whether
we are seeing the start of a prolonged decline.
Bitcoin
closed below its 50-day moving average on Monday. The price stays below that
curve and is stuck at $28.0K after rising 1.3% to today. If it
can’t quickly surpass it again, Bitcoin’s fall below $27K will pave the way for
a move to $22K, where the 200-day passes, which became a turning point in
March.
Twitter
analyst Bluntz, who predicted a bear market bottom for BTC in 2018, expects Bitcoin
to fall to $25K. In his view, the first cryptocurrency is unlikely to break
$30,000 soon. BTC has completed a 5-wave and is now in a corrective A-B-C
formation.
News background
Cryptocurrencies
will outperform other asset classes amid the continued devaluation of fiat
currencies and the ongoing banking crisis, Real Vision CEO Raul Pal said
following the bankruptcy of First Republic Bank (FRB).
Peter
Brandt, tech analyst and head of Factor LLC, believes Bitcoin will soon
overtake all other cryptocurrencies and “bury all the imposters”. He
pointed to the chart of the BTC dominance index, which he believes is poised for
a breakout after two years of consolidation.
According to
Santiment’s research, crypto asset prices in April were “very broadly
dispersed” and barely correlated with each other.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.