Bitcoin (BTC) is heading for “absolute slaughter”. It could drop to around $ 25,000, a well-known trader warns. Meanwhile, the bullish signals on the BTC / USD pair are gradually disappearing.
In multiple tweets this week, Twitter user Cobra Crypto warned that total cryptocurrency market capitalization would fall 20 percent.
Crypto on the verge of “absolute slaughter”?
Bitcoin has suffered a slump in the past few days despite the good news from the Bitcoin 2021 conference. Among the good news was acceptance in Latin America.
Now that the BTC / USD pair has lost 9 percent overnight, no recovery is expected, but an even deeper price slump to test the “diamond hands” of the Hodlers.
According to Cobra Crypto, the surrender will drop the price below $ 30,000. This support was sustained during the May retracement.
“Absolute slaughter within the next 5 days or you can tell me how wrong I was”, he wrote on June 4th.
In an update he set a deadline of 48 hours from June 7th. Until then, there should be new losses for the market. Bitcoin, he argued, wouldn’t stop at $ 32,000.
This isn’t even the dump. Just wait another 48 hours max.
— Cobra Crypto (@CobraCrypto) June 7, 2021
At press time, the BTC / USD pair was trading at $ 33,000. On June 8, he repeatedly tested $ 32,000.
Cobra Crypto added in addition, he would “get back into” Bitcoin for under $ 28,000.
No indication of an upward trend
The problems with Bitcoin are now spilling over to the Altcoins. Some were previously able to avoid the general downtrend and bring solid profits to their owners.
Except for Theta Fuel (TFUEL) and Unus Sed Leo (LEO) from the iFinex exchange, all top 50 cryptocurrencies by market capitalization were in the red on June 8th.
A 20 percent drop would bring the total market capitalization of all cryptocurrencies to around 1.13 trillion. Drop US dollars. But at least it would still be over a trillion US dollars.
Crypto Cobra was not alone with its negative price outlook. As Cointelegraph reported, the trader Crypto Ed also believes in another downturn for Bitcoin.
“Careful, I think we can still see 1 leg down, the recovery is weak”, he warned in his most recent tweet.
“BTC drops to $ 32,000 or lower, ETH to $ 2,400 or lower.”