The crypto market is currently bleeding as Bitcoin price leads the bearish momentum. While Bitcoin is struggling to claim its lost $22,000 level, major altcoins have lost more than 80% from their highs.
At the time of writing, Bitcoin is changing hands at $21,737 after a loss of 1.80% from the previous day trade. Immediate resistance lies at $21,800 while the support is positioned around $21,600.
Meanwhile, a renowned crypto analyst and trader known as Smart Contracter is of the opinion that a few major altcoins are about to see a bullish ride soon. Firstly, the analyst claims that Bitcoin and Ethereum which is currently under bearish control will most probably see a relief rally in the next few weeks.
Hence, the trader believes that it’s time to go long towards a few altcoins now.
Further, Smart Contracter states that near the $22,000 area, Bitcoin was flashing a bear pattern. However, he also believes that those were the signs that the flagship currency was heading towards a strong support area.
Bitcoin Price Struck Between Bulls And Bears
Meanwhile, another fellow analyst Altcoin Sherpa claims an opposite movement. As per Sherpa, Bitcoin will mostly trade between $30,000 and $13,000 range for the next few months.
Its just not Bitcoin, Altcoin Sherpa has an opposite stance towards Altcoins as well. This is because the analyst is of the opinion that as Bitcoin drops around $21,000 area the altcoins will also follow the bear movement.
However, though both the analyst has an opposite claim, Bitcoin price action mostly depends on upcoming macro economic events.