BTC TOP 3
BITCOIN DOWN TO 62K: WHAT TO EXPECT NEXT
Are we having a double top?
There have been varying outlooks on this Bitcoin drop. As Bitcoin has been dropping since yesterday, lost 64k crucial level and now drops down to 62k, some trending keywords on today’s price action are: ‘bear market’, ‘double top’, ‘bull cycle is over’, and some more.
Now, what do the experts say about this recent price action?
The Moon Carl has predicted this drop all the way to 62k. In his recent vlog today, he said BTC retesting 63.6k from previous resistance to support. If we lose this, our next support would be around 62k. Also, there’s a possible bearish divergence playing out if we go lower than these key support levels.
Moon Carl also added we have not seen the bearish scenario confirmed yet as we are still above key support levels.
Ben of Bitboy Crypto is also still very bullish with Bitcoin. He said the price dip was because of whales moving the market. It’s whales testing the market gearing for the next move up. (*test of the support of BTC and it passed). So we should be looking for higher numbers here very soon.
This is what Lark Davis said in his technical analysis today: before we push off to a new all-time high, beyond 69k, we’ll be seeing a bit of volatility. “A retest of 62k would not be surprising at all.”
Lark pointed out it is always like this in this market: Two steps forward, one step back.
EllioTrades also pointed another thing: removing the greed out of the system is absolutely one of the most healthy moves, natural recovery of the market.
Compiling some relevant tweets representing social media sentiment on the market:
A drop to 59-61k followed by some consolidation would be the best way to continue the bull-run in my opinion.— Galaxy (@galaxyBTC) November 12, 2021
Might not happen but it would be extremely healthy for both $BTC and #alts.
Be prepared either way. pic.twitter.com/ybL3hxCoxZ
We will see more of these until the market reaches its top— il Capo Of $NOIA (@CryptoCapo_) November 12, 2021
DON'T SELL pic.twitter.com/hZHfVNwdBa
#Bitcoin is my savings account. ✨— Altcoin Daily (@AltcoinDailyio) November 12, 2021
Eventually there will be nobody else to flush out of this market and that will be when we head up again. Patience my friends.— Heidi (@blockchainchick) November 12, 2021
New possibilities are coming to #Bitcoin— Bitcoin Magazine (@BitcoinMagazine) November 12, 2021
Taproot activates in just 2 days 🚀
Not sure if you meant expecting a blowoff this quarter, or in general.— TechDev (@TechDev_52) November 12, 2021
If it’s the former, it seems not even the majority expects that.
If it’s the latter, I’d argue there’s a big difference between expecting one, and spotting one. pic.twitter.com/h2G3MKhf04
Now, it is time to make your stance: Are you Bull or Bear?
POTENTIAL MASSIVE PUMP COMING
Although BTC has been showing weakness, some altcoins are pumping.
Krown, a technical analyst, trader, and investor, talked about these 3 coins that are about to pump.
MANA/USD – in a healthy consolidation range as long as we hold above $2.20 on a daily closure.
Daily – If we close somewhere above $3.62 on a daily timeframe, that would imply a measured target all the way up to $4.90
Weekly – currently riding above the topside of Bollinger bands – which means volatility, trend, and momentum. As long as we stay above the Bollinger bands, trend continuation is confirmed. Long term target (prob year-end?): $6.5, possibly even $8
CRO/USD – already had nice moves, but these nice moves can lead to reconsolidation which then leads to long-term continuation.
Krown thinks CRO is not yet ready to move like MANA. But definitely good to keep on your watchlist for the next few weeks to come. Healthy consolidation range: $0.29-$0.40
LRC/USD – already close to a major local high, so a 10x might not be possible in the coming months, maybe long-term. Realistic target: $4.3-$5.65
Do you have these coins?
Top 7 Coins by Altcoin Daily:
- Rocket Vault Finance (RVF) – innovative project using AI and Machine Learning Algorithms to manage investor funds for consistent returns.
- Helium (HNT) – token scarcity is built into Helium tokenomics
- Elrond (EGLD) – USDC is the first stable coin going live on Elrond Network
- Uniswap (UNI) – yesterday Uniswap V3 crossed $4B in TVL for the first time
- Theta (THETA) – the network welcomes Fuse Media as their latest branded media partner, bringing their top talent to exclusive new NFT campaigns on ThetaDrop
- Aave (AAVE) – community has unanimously signaled positively for Aave V3
- Bitcoin (BTC) – supply is getting tighter with each passing day.
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. TRADE AT YOUR OWN RISK.
ABOUT THE AUTHOR
Elisa is our Head of Market Analysis at Rocket Crypto X
You can join her Slack channel to get real-time updates from the top Crypto influencers.
If you like her work, please help support the blog. Tip Elisa!
Donate Ethereum to this address
Scan the QR code or copy the address below into your wallet to send some Ethereum
For more deals, check out our deals page