© Reuters. Analyst believes people are bullish on BTC for no reason
- BTC hasn’t seen much change over the weekend.
- currently consolidating below the June low with higher highs and lower lows.
- The crypto market leader is currently trading at $16,569.12 after a 0.10% price drop.
A crypto analyst and swing trader by the name of Capo of Crypto took to Twitter on November 26 to report on what Bitcoin (BTC) has achieved over the past few days.
BTC/USDT 12h (Source: TradingView)
According to the analyst, BTC hasn’t seen much change over the weekend and things for the crypto market leader still look pretty bearish. He added that BTC is currently consolidating below June lows with higher highs and lower lows. Additionally, the analyst also added that it seems people are bullish on BTC for no reason.
At the end of his post, he added that altcoins will most likely drop by as much as 40% or even 50% during the capitulation event. He also stated that it is likely that “shitcoins” will see an even bigger drop in price.
Bitcoin / TetherUS 1D (Source: CoinMarketCap)
According to crypto market monitoring website CoinMarketCap, BTC is currently trading at $16,569.12 after a 0.10% price drop over the past 24 hours. BTC can also hit a low of $16,416.23 and a high of $16,642.21 during the same time period.
The crypto king is also still down around 0.73% over the past seven days. Also in the red is BTC’s 24-hour trading volume currently at $18,322,556,642 after a drop of more than 3% in the past day.
Additionally, BTC also weakened against its top competitor in the market, (ETH), by around 0.30%.
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