Cryptocurrency analysts are trying to re-calibrate amidst a massive and widespread market crash.
At time of publishing, Bitcoin is down 20.98% at $6,129. Ethereum is down 25.37% at $140.66, and XRP is down 18.56% at $0.1667.
Strategist Josh Rager believes it’s too risky to try to time the bottom in the current climate. He says he’s not a buyer and BTC still has more room to fall.
“I haven’t bought Bitcoin yet, because price is condensing and IMO building up for its next move.
Triangles are memes, but it’s clear that it’s going to move again soon. FYI, This move could be a continuation down I’d rather buy late at higher prices than be underwater.”
The pseudonymous analyst DonAlt is also treading lightly.
He believes the market may take a while to recover, and he doesn’t feel the need to “catch bloody knives.”
“This is what capitulation looks like. That said, capitulation can go much lower than you’d expect it to. I’m gonna give it some time to develop, not in the mood to go catch bloody knives. We had 130 days to buy the bottom in 19, I’ll expect we’ll get a couple this time around.”
Scott Melker of Texas West Capital blames crypto whales for the carnage and highly doubts that retail traders are fueling the sell-off.
“Incredible how easy it is for whales to move this market. Price doesn’t drop $2000 because normal people risk off. Whales pick the easiest times to move through a frictionless order book and get retail on board. Maximum pain.
Going through a number of alt charts for members and almost all of them either bounced right at key support levels or are sitting on key support now. I am not rushing to buy anything, but if the market does rise from here, it could be very profitable.
One thing I learned long ago – when a trade goes my way, move my stops into profit and never lose money on a winning trade. This has saved me an incredible amount of money the past few weeks.”
Economist Alex Krüger says he’s hoping an injection of $1.5 trillion from the Federal Reserve into the financial system will trigger a sustainable market bounce.
He’s also hoping $5,600 is as low as BTC will go in the long run.
“Hoping the rocket can push higher for a while before its engine fails. This is the first time bitcoiners must be rooting for the Fed. In times of stress, we unite.”