It is not possible to expect the crypto market to always rise. There must be corrections for a healthy rise, recent analysis shows that a major correction is on the way in the crypto currency market.
“Correction May Bring Bitcoin Under $ 9K”
According to the data shared by the Quantum Hedge Fund, Bitcoin and Ethereum can make a correction before the formation of the 2020 giant bull market. Bitcoin’s price has hovered between $ 10,000 and $ 10,000 for the past few days, and Quantum expects the largest cryptocurrency to fall below $ 9,000 from this range.
While the price of Bitcoin faded around $ 10 thousand 239 last Saturday, the price of Ethereum was around $ 282.86. Both crypto currencies are fighting the uptrend and downtrend.
While Quantum draws attention to significant price fluctuations in the short term, it expects Bitcoin to decline to 8,500 dollars in the short term. ETH, which is more volatile compared to Bitcoin, will struggle to protect its gains in its previous rally. The digital asset, which traded below the $ 200 level just a few days ago, greatly increased its value to $ 300. In the markets, there is usually a sharp correction every three months. At this point, there may be significant decreases in the altcoin market like Bitcoin and a large part of the recent gains in ETH may be lost.
Quantum estimates that Bitcoin is based on rising fear and greed index to 64 points. Although the index does not foresee the forward investor attitude, the sharp changes in prices may cause the index score to drop rapidly. Quantum bases the price hike in Bitcoin on a theory of trade waves. According to this theory, for both assets, the first decline should be rapid and then start to recover, and then a new price cycle should develop and the rise should begin.