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Risk markets are generally not having good days, and the USA is starting to fail in combating inflation. Many negatives reversing ETF entries must also include the latest crypto lawsuits by the SEC. So, what do current predictions from cryptocurrency market experts tell us? Has the downturn ended?
Will Cryptocurrencies Rise?
The price of Bitcoin was at $61,190 while this article was being prepared, and it had dropped to $60,600 in the last 24 hours. Worse yet, the total volume across all exchanges has also dropped below $40 billion. The current reluctance could cause much faster losses in altcoins in a possible rapid BTC drop. So, what direction do current predictions from cryptocurrency experts point?
Crypto analyst Mikybull Crypto said in yesterday’s market analysis;
“The total market value of altcoins is currently in a disbelief phase, historically followed by an explosive rally.”
Although the current situation is frustrating, according to the analyst, historical data indicates that the next phase will be a major rally. The disbelief phase can also be seen from the last 30 days’ 24-point drop in the Crypto Fear and Greed Index. The SEC taking action regarding Robinhood, Uniswap, and the Ethereum Foundation, along with terrible March inflation data, is not very surprising.
Will Altcoins Increase?
Excluding the top 10 cryptocurrencies, the total market value of other altcoins has dropped nearly 18% in the last 30 days. The market value, which has fallen to $264 billion, reveals the extent of panic selling. Cryptocurrency analyst Rekt Capital in his assessment stated that he is “preparing for an upward movement in the future.”
Titan of Crypto points out three indicators and explains the scenario needed for a rise in altcoins;
EMA20
RSI
BTC Dominance
If the total cryptocurrency market value “retests” EMA20 and RSI gives a return signal, according to the analyst, the expected rally period could start. At the same time, BTC dominance needs to weaken. Indeed, anonymous cryptocurrency analyst Yoddha wrote in his last market analysis that he expected “further decline from here.” At the time this article was prepared, BTCD was at 54.7%.
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