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The crypto market since turning bullish right at the start of the week continues to soar. The gains from the last 24 hours have turned from moderate to explosive. Leading the pack is Ethereum. In the last few hours, this token has gone on to surge by as high as 20%.
Bitcoin has soared by nearly 10% to climb as high as $7,300. With it, it has inspired a market-wide rally that has seen a number of tokens break above recent resistance. As a whole, the crypto market has broken above $200 billion.
At the time of writing this, the market seems to have slowed down. Ethereum is trading just above $160, XRP is above $0.20 while Bitcoin is above $7,200. All three are at crucial resistances that will set the short term trend. If the bulls can maintain the volume by continuing to gain, prices will continue upwards. If there are no buyers around this position, a correction will be imminent.
In case of a correction, there is the certainty that the higher highs set will ensure a higher low allowing for the bullish phase to reignite again.
The ideal support for Bitcoin is above $7,100. For Ethereum and XRP, it’s $160 and $0.19 respectively.
One crypto analyst, however, thinks that Bitcoin could still see lows of $5,600 in the coming weeks. This would inevitably spell doom for the entire market and see other cryptocurrencies also test their lower lows.
Analyst Crypto Michaël first agrees with most analysts and investors that Bitcoin reached its bottom. This happened mid-March when Bitcoin plunged to test the $3,800 lows.
His unpopular opinion is over what is to come in the next few weeks. The analyst has shared a graph predicting that Bitcoin could still take a dip and test the $5,600 levels.
$BTC #BITCOIN I do believe we've seen the bottom, but I'm not convinced we're done testing lower levels. This period starts to remind me a lot of December 2018 – March 2019. Breakout of yearly level with 0 volume also feels strange. But, I'm expecting a good summer for alts. pic.twitter.com/yvFamcai41
One of the key reasons supporting his argument is trading volume during the recent surge. In bullish moves, volume skyrockets and with the recent break above $7K being a key one, volume was expected to skyrocket. This means the recent pump could have been pushed by whales. These whales have historically gone on to dump, leading to crashes days after a huge pump (bull trap).
If this is true, the drop could be a severe one, leading to a test of long term supports.
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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.