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Analyst Believes People Are Bullish On BTC For No Reason

Published 11/27/2022, 02:16 AM
Updated 11/27/2022, 02:30 AM
© Reuters. Analyst Believes People Are Bullish On BTC For No Reason

  • BTC did not see much change over the past weekend.
  • Bitcoin is now consolidating below June’s low with higher highs and lower lows.
  • The crypto market leader is currently trading at $16,569.12 after a 0.10% drop in price.

A crypto analyst and swing trader that goes by the name of Capo of Crypto took to Twitter on November 26 to report about what Bitcoin (BTC) has been up to over the last few days.

BTC / USDT 12h (Source: TradingView)

According to the analyst, BTC did not see much change over the past weekend, and things for the crypto market leader still look rather bearish. He added that BTC is now consolidating below June’s low with higher highs and lower lows. In addition to this, the analyst also added that it seems like people are turning bullish on BTC for no reason.

At the end of his post, he added that altcoins will most likely see drops in prices of up to 40% or even 50% during the capitulation event. He also stated that it is likely for “shitcoins” to see even bigger drops in prices.

Bitcoin / TetherUS 1D (Source: CoinMarketCap)

According to the crypto market tracking website CoinMarketCap, BTC is currently trading at $16,569.12 after a 0.10% drop in price over the last 24 hours. BTC was also able to reach a low of $16,416.23 and a high of $16,642.21 over the same time period.

The crypto king is also still down by about 0.73% over the last seven days. Also in the red is BTC’s 24 hour trading volume which currently stands at $18,322,556,642 after a more than 3% drop over the last day.

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In addition to this, BTC also weakened against its top competitor in the market, Ethereum (ETH), by about 0.30%.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Analyst Believes People Are Bullish On BTC For No Reason appeared first on Coin Edition.

See original on CoinEdition

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