Crypto

Here’s Why This Expert Thinks The Next Crypto Downtrend Could Be Near

The past few months have brought a rollercoaster experience for cryptocurrency prices. The crypto market hovered due to the impact of macro factors. But the last 24 hours have created a new movement of strength in the market.

Almost all assets took positive steps to push the market into the green. Bitcoin price gradually reached its critical $20,000 level as the token accumulated on a 2.5% uptrend. In the early hours of trading today, the price of BTC reached $20,342.

Bitcoin Price Trends Above $20,000 Mark l BTCUSDT on Tradingview.com

The bullish trend crosses altcoins and other crypto assets. Ethereum broke through the $1,350 level rising over 1.8% in the past day.

Dogecoin (DOGE) has made a huge recovery with an increase of more than 8% in the last 24 hours. This marks exceptional bullish strength in the digital asset market for today.

Additionally, Ripple (XRP) redirected its pattern through an increase of around 5% in the last 24 hours.

Experts believe the digital asset market cannot sustain a price hike

Experts are predicting another low for the crypto market despite its recent impressive price movements. They believe that crypto assets lack sustainability for rising prices and will soon experience a downtrend.

Eight Global CEO and crypto analyst, Michael van de Poppe, commented on a possible reversal of the crypto market. He thinks the value of the US dollar will soon recover. According to him, such a new development will impact the crypto market with a slight correction.

Additionally, US unemployment data is expected to be released on Friday. In his reflection, Michael Poppe said that the data could be wrong and negatively affect the crypto market.

In recent years, macroeconomic conditions have negatively affected the crypto market. As a result, such conditions now dictate the price trend in the market. This follows the strong correlation between crypto and mainstream mainstream markets.

Crypto Market Still Struggling

Despite its recent uptrend, there are still signs of struggles in the crypto market. The US Federal Reserve has taken a hawkish stance in its inflation control measures. With his approach of raising interest rates and tightening other financial operations, many people are scared.

Following the rate hikes by global economies, the United Nations has requested that they avoid using an aggressive approach. Instead, the UN highlighted a possible global recession with the position of most central banks. But the US central bank will not reduce its strength.

Oil prices are adding to the tension in the raging macroeconomic environment. As a result, the Organization of the Petroleum Exporting Countries (OPEC) has planned to cut supplies to drive up oil prices, the worst cut since 2020. OPEC is expected to meet on Wednesday for its final decision.

Featured image from Pixabay and chart from TradingView.com

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