The cryptocurrency market has been in a downtrend since early May. It’s no secret that this kind of volatility is par for the course in crypto, but it still raises questions about whether this is just a blip or if things are getting worse. The answer depends on who you ask: some experts think that this downturn will only last another week or so before prices start going up again; others think we’re staring down one of those dreaded bear markets that last for months or even years at a time. In this article, we’ll examine what’s causing all these downward trends and what it means for investors looking to buy into cryptocurrency now (or sell out).
The crypto markets have been in a downtrend since the start of May, down over 50%.
The cryptocurrency market is still down from its peak at $190 billion on January 7, but it has more than doubled since October 15. The entire market cap peaked at around $350 billion in early March.
Crypto Market Sees Gloomy Days
At press time, Bitcoin (BTC) was trading at $5,849 on Bitstamp – down 5% today – closely followed by Ethereum (ETH) at $204 and Ripple’s XRP token at $0.434877.
Crypto analyst Josh Rager said that if Bitcoin fails to hold $6,000, it is likely to drop to $5,800.
Josh Rager is a crypto analyst who is considered to be one of the best technical analysts in the industry. He said that if Bitcoin fails to hold $6,000, it is likely to drop to $5,800.
He explained: “$BTCUSD is forming a descending wedge on its 1D chart and currently under pressure at key support near 6k. A break below here would take us back down into our first target at 5800 before finding more buyers.”