Heena Kousar
New member
After the FTX-Alameda story, the crypto market seems to be slowly recovering because majority of the cryptocurrencies are flashing green. But, these large cap digital assets are still lacking behind their key levels. The first digital asset, Bitcoin (BTC) is trading just above $16,500 whereas Ethereum has failed to trade above $1300 range.
A veteran trader called Gareth Soloway provides his bearish stance where he discusses the further action of Bitcoin which is distributed by a YouTube channel called Crypto informed who has 59K subscribers. By showing a chart he states that currently it is a bearish channel as there is a drop in price without making any move upwards. Moreover, he claims that wherever Bitcoin bottom out will be the bottom in BTC, as mentioned in the Coinpedia.
According to the analyst, if Bitcoin has to drop, there will be a drop of 50% from its $18,500 range. He also adds the next correction will be much bigger and this seems evident with what's currently going on in the market with Fed and FTX. As per the analyst, the Lehman Brother event is much similar to that of FTX as it is all about greed and fear index where fear drives it to downward while greed pushes the price upward. Do you feel the same as the analyst? If not then it would be great if you elaborate.
A veteran trader called Gareth Soloway provides his bearish stance where he discusses the further action of Bitcoin which is distributed by a YouTube channel called Crypto informed who has 59K subscribers. By showing a chart he states that currently it is a bearish channel as there is a drop in price without making any move upwards. Moreover, he claims that wherever Bitcoin bottom out will be the bottom in BTC, as mentioned in the Coinpedia.
According to the analyst, if Bitcoin has to drop, there will be a drop of 50% from its $18,500 range. He also adds the next correction will be much bigger and this seems evident with what's currently going on in the market with Fed and FTX. As per the analyst, the Lehman Brother event is much similar to that of FTX as it is all about greed and fear index where fear drives it to downward while greed pushes the price upward. Do you feel the same as the analyst? If not then it would be great if you elaborate.
