Along with stocks and funds, investors and analysts are following crypto action closely. BTC prices touched an all-time low of $17,622 on Saturday, 18th June. This was a first for the top crypto to have prices below the last cycle high. Steps taken by the US Federal Reserve Bank to tighten access to money, the crisis at Celsius, a lending platform in the crypto sphere is creating panic with traders. The liquidity problems faced by Three Arrows Capital, an investment fund is also adding to fuel to the fire.
According to a well-known commentator, BTC prices have dropped 80% or more in value at least 4 times in the crypto’s history. The latest drop in value of 74% is within the currency’s historical standards. In previous instances of bear markets, the price was just below the moving averages of 200 weeks. If history is any indicator, BTC will not be at the current level for too long.
Here is a look at other top cryptos and what their performance could look like in the coming week.
· Solana is experiencing a fairly strong downtrend, but indications are that the bear market momentum is getting weaker. Prices could get pushed above the $36 mark and this is a good way to predict a bull market return.
· Litecoin looked like its price could drop below $40 thanks to bear market activity. Indicators show that the bulls are defending a further drop in prices quite aggressively to help LTC maintain its current price.
· Chainlink is also experiencing a downtrend and is trying to hang on to a price point of $5.50. Though prices dipped below this point a few times last week, bull market activity brought the prices back to this current level.
· Bitcoin SV is in a broad pattern of staying at the current price level. Buyers are putting money into the market to get the price to move beyond the resistance point.
All in all, indicators are looking up and it looks like there could be some positive news in the coming days.