A closely followed crypto strategist and trader says that altcoins look primed for another deep corrective move.
“New BTC lows could be on the cards, especially if ~$17,150 continues to act as resistance.
Therefore, a drop of up to -20% to ~$13,900 wouldn’t be out of the question.
A -20% drop for BTC would surely negatively impact altcoins and make them drop more than -20%.”
According to Rekt, historical bear market data suggests that altcoins still face more downside risk, especially if Bitcoin continues to flash signs of weakness.
“Many altcoins haven’t retraced the typical -90% to -99% in this current bear market.
History suggests there is a good chance they still will, especially if the ~$17,150 level for BTC continues to act as resistance.”
At time of writing, Bitcoin is switching hands for $16,870, up 2.80% on the day.
“This December, ETH has failed to reclaim a three-month support.
In fact, this same old three-month support is acting as new resistance.
If ETH indeed monthly closes below ~$1,300, then much lower prices likely await in the new year.”
At time of writing, ETH is changing hands for $1,214, a 3.60% increase in the last 24 hours.
“ADA has retraced -91% in this BTC bear market.
Still more downside to come as there is no major support below for a while.”
At time of writing, ADA is trading at $0.289, up 2% in the past day.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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