The analyst staff, including Peter Brandt, warns of sharp downward movements in the cryptocurrency market.
Benjamin Cowen sees collapse in biggest cryptocurrencies
Crypto analyst Benjamin Cowen, who has 783,000 Youtube subscribers, has issued a crash warning about the largest altcoin Ethereum. Taking a look at the ETH/BTC chart, Cowen says that the leading altcoin is weakening against Bitcoin. According to their analysis, the ETH/BTC pair could drop more than 45% from its current value of 0.066 BTC at $1,650. The crypto analyst predicts that this pullback will then lead to a recovery rally. According to the latest Youtube video:
As far as I can tell, all we see in Ethereum/Bitcoin valuation is a series of lows, at least in the short term. Now, I’ll remind you that we’ve seen a series of higher lows over a longer period of time, but also lower highs from 2017. So somewhere here [at 0.036 BTC level] it might be time to consider a more possible uptrend. Perhaps from lower levels we can start talking about some kind of recovery.
Cowen also highlights that any chance of a rally for ETH/BTC is most likely off the table until the corrective move is completed. ETH is currently trading slightly above the $1,650 level pointed by Cowen. Today, it has seen some recovery with BTC.
Michaël van de Poppe draws attention to $24,500 in Bitcoin
Widely followed crypto analyst Van de Poppe said that $26,400 would be a critical support before the Fed rate decision. He was right that this level would lead to lower prices.
In his current analysis, BTC price points to the $24,500 region after losing $25,000. According to Poppe, BTC will likely drop to $23,000 after this level. In their analysis, “Still in the field of interest. But to avoid $23,000, it needs to stay above $24,5k.” Poppe also interpreted USDT’s loss of dollar stability as tension.
Not a great morning, as #Bitcoin is correcting (in line with Gold), while indices are doing really well.
Unemployment and ECB day today! $USDT peg is lost as well, so things are edgy.
Still in the area of interest, but needs to sustain above $24.5K to avoid a cascade to $23k. pic.twitter.com/nGXLhkUo2v
— Michaël van de Poppe (@CryptoMichNL) June 15, 2023
Poppe then looks at the total value (TOTAL) of the market. He says the market is currently unable to stay above $1.05 trillion above TOTAL’s 200-week moving average (MA). If this level is not maintained, “otherwise it will test $800 and $950 billion.”
Total market capitalization for #Crypto had to hold above the $1.05T marker (which is the 200-Week MA).
It couldn't, so price started to dwindle down and we're even rejecting that level.
Needs to reclaim asap if any upside is expected, otherwise tests at $800 and $950 billion. pic.twitter.com/C5TZs0hRXG
— Michaël van de Poppe (@CryptoMichNL) June 15, 2023
Peter Brandt issues sharp fall warning for leading cryptocurrency
Senior analyst Peter Brandt warns that BTC price could make a sharp downward move as it loses critical supports. Similar to Poppe, he says price action now tends to collapse after $25,000.
Hinged to downside for now. https://t.co/cn9o2PHlvN pic.twitter.com/xItTCyAVmc
— Peter Brandt (@PeterLBrandt) June 14, 2023
According to Brandt, Bitcoin’s price action has created a critical price level that sets it up for a big move based on various indicators, including the 18-day moving average (MA) and the 8-day MA.
Four closed#s within 3/10th of 1% range. This is the definition of price equilibrium. “Hinge” behavior. $btc pic.twitter.com/PaMDhodPvb
— Peter Brandt (@PeterLBrandt) June 14, 2023
Finally, Brandt predicts that Bitcoin will outperform altcoins, specifically Ethereum, as markets fall. At this point, “Bitcoin is the ONLY bet to finish the marathon in crypto. Others, including ETH, are just wannabes. Silver is to ETH what Gold is to BTC. ETH will likely survive, but BTC inherited.” says
Bitcoin is the ONLY bet in crypto that will finish the marathon. All others are just wanna bees or scams, including $ETH https://t.co/N6UDDnIiM3
— Peter Brandt (@PeterLBrandt) June 11, 2023
cryptocoin.com As we reported, Bitcoin lost around 5% after the fixed interest decision on June 14, falling below $25,000. The positive news is centered around BlackRock’s ETF application.
