Analysts say that the first bear market sign “will be a market value below 2.38T USD” – Market Update Bitcoin News

Due to the sharp depreciation of a large number of digital currencies, the value of the encrypted asset economy has been declining in the past week. The entire crypto economy fell below the 3 trillion U.S. dollar mark, hovering at around 2.7 trillion U.S. dollars among 10,970 cryptocurrencies. On Monday, Bitcoin’s dominance was slightly higher than the 40% area, while Ethereum’s market accounted for 18.4% of the crypto economy.

Analysts pointed out some possible factors that may cause the market to decline

The digital currency market ushered in better days. On Monday, November 22, 2021, Bitcoin (Bitcoin) Fell 9.7% in the past 7 days. As of press time, the transaction price of a single bitcoin is slightly higher than $58,000 per unit area, and the market value of the asset is approximately $1.11 trillion. Ethereum (Ethereum) It has fallen by 7.4% in the past week, and the current price per Ether is below US$4,300. Among the top ten market capitalizations this week, the largest decline was Polkadot (DOT), with a decline of 12.3%. Solana (SOL) suffered the least loss, down 6.7%, and avalanche (AVAX) rose 41.0% this week and entered the top ten.

The crypto economy is hovering below 3T USD: Analysts say the first bear market sign “will be a capitalization of less than 2.38T USD”
Bitcoin/USD passed Bitstamp on November 22, 2021.

In a report sent to News, Etoro’s market analyst Simon Peters explained that there are several factors that could cause the market to fall. “Bitcoin and many other crypto assets fell sharply last week, and there are several possible factors at play,” Simon Peters said. “First of all, Taproot’s upgrade to the Bitcoin blockchain has brought uncertainty to the investor community. Taproot may be the most important network upgrade in the past four years, aiming to simplify the transaction of encrypted assets, making it faster and cheaper. An upgrade of this nature may cause short-term uncertainty, because investors will pay attention to what will happen online,” Peters added.

The Etoro analyst continued:

The recent impact of price levels is the US Infrastructure Act. The bill, led by President Joe Biden, may subject companies to stricter regulations on reporting and handling of encrypted assets, which further exacerbates investor uncertainty. Finally, as Bitcoin and other encrypted assets hit record highs, investors will always have some degree of profit taking, which then translates into price weakness. Both Bitcoin and Ethereum are growing, and the ups and downs of the market are part of this story.

Alex Kuptsikevich: “The bear market will be the market value falling below 2.38 trillion US dollars”

Fxpro Senior Market Analyst Alex Kuptsikevich introduced Bitcoin in detail in his morning crypto market analysis (Bitcoin) The market is bearish. “The technical side of Bitcoin is bearish,” Kuptsikevich explained to News.

The crypto economy is hovering below 3T USD: Analysts say the first bear market sign “will be a capitalization of less than 2.38T USD”
Ethereum/USD passed Bitstamp on November 22, 2021.

“After Friday’s technical rebound, the first cryptocurrency encountered resistance in the form of a 50-day moving average and a 76.4% retracement of the September-November rally over the weekend. A stronger sell-off from this level indicates the short-term The trend reverses and prepares for a deeper and longer correction,” Kuptsikevich added.

Kuptsikevich further pointed out:

The first sign of a bear market is that the market value has fallen below $2.38, which is 8% below current levels. For Bitcoin, this level is close to $55,000, a 20% drop from its peak, and it is back to September’s high point, which is 61.8% of the previous upward momentum. Overcoming these levels will mean a further retracement of 20-30%.

Huobi Group analyst: Bitcoin’s future price is “highly uncertain”

Du Jun, co-founder of Huobi Group, explained Bitcoin There is “strong support of $57,500”, but “the price is Bitcoin Is highly uncertain. “

“According to data from Huobi Global, Bitcoin Huobi Group analysts pointed out on Monday that it quickly fell to a position of $57,500 during the day and was hindered. “From the 4-hour K-line, the 3 EMA lines are descending in different intervals, and the slope of EMA5 is the largest, which implies that the downward trend of prices is gradually obvious. Price changes [went] Today is small, and trading volume has returned to normal levels. “

Tags in this story

Alex Kupczkevich, Alternative password, Bitcoin (BTC), Bitcoin, Crypto economy, Crypto market, Dominance, Du Jun, Ethereum (ETH), Etoro Analyst, forecast, Fxpro analyst, Huobi Global, Market dynamics, market, Metaverse token, predict, price, Simon Peters, Teaching assistant

What do you think of the outlook for the cryptocurrency market this week? Do you think the market looks bearish or do you think the market is still bullish? Please tell us your thoughts on this topic in the comments section below.

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