The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Market data is provided by the HitBTC exchange.
While many experts and investors view the current crypto bear market as a negative, economist Tyler Cowen, professor at George Mason University, believes that a crash is positive because it helps clean up the system. The dotcom bubble, though painful, wiped out the bad companies, paving the way for today’s leaders like Amazon and Google.
Previously, the naysayers pointed to the sharp volatility in cryptocurrencies as a deterrent for mass adoption. However, since September, Bitcoin has traded in a tighter range than the Argentine peso, the Turkish lira, the Brazilian real, the Mexican peso, and the South African rand. In fact, its range was only 2.7 percent greater than that of the safe haven currency, the Swiss franc.
Both on the way up and on its way down, Bitcoin has been the leader, whose price action is followed by the altcoins. However, some analysts believe that this might change in the future and the next bull market might be led by one of the top altcoins. Let’s see what the charts forecast.
Bitcoin has failed to attract buyers at higher levels. It turned down from $6,600 levels and easily broke below both the moving averages. This is a sign of weakness. The next stop is a fall to $6,250–$6,200.
A break below $6,200 will threaten the critical support zone at $6,075.04–$5,900,