Market Challenges and Bitcoin's Downtrend
Leading cryptocurrency Bitcoin (BTC) and altcoins continue to face challenging times. The effects of the Great Crash of October 11th are still lingering, and a sharp and sudden decline has been experienced this week. In the recent decline, Bitcoin fell below the critical $100,000 level, increasing expectations of further declines.
Updated Analysis from MakroVision
While predictions range from $90,000, $80,000, and even $72,000, cryptocurrency analysis company MakroVision has published its updated analysis for Bitcoin (BTC). MakroVision analysts began by referencing their analysis dated October 1. At this point, the analysts reminded the audience that in their analysis on October 1, they had stated that Bitcoin could show weakness again and enter a deeper correction after recovering towards the $117,000-$121,000 levels.
Pointing out that the Bitcoin analysis has taken place at this point, analysts stated that Bitcoin is still at a critical turning point. Analysts pointed to $100,000 as the critical point, reminding that Bitcoin remains at risk of decline despite a rapid recovery after falling below $100,000.
Key Levels to Watch
- •If the support cluster around $100,000 holds, a new recovery is possible.
- •Breaking above the $117,000 level will be critical for a sustained trend reversal.