The crypto market is currently bleeding as the price of Bitcoin leads the bearish momentum. As Bitcoin struggles to reclaim its lost $22,000 level, major altcoins have lost over 80% of their highs.
At the time of writing, Bitcoin is changing hands at $21,737 after a 1.80% loss from yesterday’s trade. Immediate resistance lies at $21,800 while support lies around $21,600.
Meanwhile, a renowned crypto analyst and trader known as Smart Contracter opines that a few major altcoins are poised to see a bullish move soon. First, the analyst claims that Bitcoin and Ethereum, which are currently under bearish control, will most likely see a relief rally in the coming weeks.
Therefore, the trader thinks it is time to go for some altcoins now.
Additionally, Smart Contracter states that near the $22,000 area, Bitcoin was showing a bearish pattern. However, he also believes these are signs that the flagship currency was heading towards a strong support zone.
Bitcoin price hit between bulls and bears
Meanwhile, fellow Altcoin analyst Sherpa claims an opposing move. According to Sherpa, Bitcoin will mostly trade between $30,000 and $13,000 over the next few months.
It’s just not Bitcoin, Altcoin Sherpa also has an opposite stance towards Altcoins. Indeed, the analyst is of the opinion that as Bitcoin drops around $21,000, altcoins will also follow the bearish move.
However, although both analysts have an opposite assertion, Bitcoin price action is mostly driven by upcoming macroeconomic events.