Experts have explained in what case the market will continue to decline and what altcoins may fall in price by another 30%, as well as in what case the market will continue to decline.
Over past seven days, the price of bitcoin decreased by 2% to $28.9 thousand. Almost 45.9% of the share of the asset in the market reached its own share. A group of experts from RBC-Crypto said what dynamics to expect from digital assets in the next week.
“The external background of the crypto market is in a positive direction. It has changed its internal environment towards an improved position.”
BitRiver financial expert Vladislav Antonov, bitRiver financial analyst Vladislav Antonov, is the head of the team “BitRiver” and “BitRiver” financial analyst.
In the past week, bitcoin is getting more priced in relation to the U.S. dollar, with the last thirteen days keeping the movement of Bitcoin in an sideways trend between $28-$31.5 thousand. In the price range, the price is trading at $28.9 thousand, near the bottom of the range.
Since the last days, there has been an rascorrelation of stock indices and cryptocurrencies. S&P500 indexes were trading in the week in the plus of 6.58% at 4157 points, and crypto-investors began to sell off altcoins fearing an imminent market crash. For the first time, bitcoin rate was fixed below $30K. All efforts to resume growth were ended in failure. Most people left the market with losses, as a result of information pressure about impending collapse.
In the week from May 23 to 28 in the week from April 22 to May 28, altcoins fell significantly. Bitcoin shares increased from 44.7% to 46.0%. The share of Bitcoin in the market has increased by 50%. In the market capitalization of almost $87 billion, the market capitalization decreased by $87 billion to $1.198 trillion.
At the moment, if bitcoin continues to decline, the Solana (SOL), Avalanche (AVAX), Polkadot (DOT) and NEAR Protocol (NEAR) blockchain will lose more than 30% of their value.
The bitcoin technical picture still look volatile despite the renewal of gains in S&P500 and Nasdaq stock indices, as well as an upward correction in the dollar. A positive external backdrop for the crypto market has turned positive.
The same time, investors are still intimidated by the situation. They do not want to buy back cheaper coins. The negative sentiment of cryptocurrency holders is extremely strong now. In 13 points, the fear index is 13. On May 17, the minimum of 8 points was recorded. As it seems, the peak of fear has probably passed. Everyone should be used to the bear market over the past nine red weeks.
We saw the same sentiment on other lows. In addition, it is important noting that bitcoin started to be valued when the fear index dipped below 8 points. In my opinion, the upside phase begins from May 30 to June 6 by my calculation. For confirming the time window, buyers need to close an opening week above $31.7 thousand. In case of the price staying below $28 thousand, it may easily go down to $20 or even $13. At the moment, it depends on institutional and institutional players. It is worth noting that if they don’t run, they shouldn’t lose much.
“The growth rate is not predictable” and there are no factors for the development of an insignificant rise.
Dmitry Deyev, the head of AMarkets Analytical Department Artem deev and Artem Deyev, are Heading AMarkets Analytical department.
Bitcoin, along with the entire crypto market and the entire crypto market, obviously have lost its title of protective assets. At the end of a year or two ago, bitcoin became for many people an alternative to gold, that only grows in the moment of crisis. Currently the crypto market correlates with current conditions on trading in banks and financial exchanges. And in the U.S., a bearish trend (20crease of indices from highs) has become clearly manifested. At the moment, there are no factors for significant growth of cryptocurrencies. They are quite possible that in the short term, the bitcoin price will fall to $22-24 thousand.
More than a week later, the main event for all world platforms will be China’s actions with regard to Taiwan. In the PRC and US, the rhetoric of the United States and the PRC about this long conflict is getting tougher every day. The stock exchanges will be stressed by the new round of geopolitical crisis, this time in the Asia-Pacific Region, and it is expected that there will be a new round of geopolitical crisis.
