Bitcoin (BTC) is headed for “absolute carnage” that will result in a trip to around $ 25,000, a popular trader warned as the bullish signals for the BTC / USD pair fade.
In characteristically straightforward tweets this week, The Twitter account Cobra Crypto warned that 20% of the total cryptocurrency market capitalization will be trimmed.
Will cryptocurrencies experience “absolute slaughter” in a few days?
Bitcoin has seen a decline in the past few days despite “positive” news from the Bitcoin 2021 conference, including its launch in Latin America.
After the BTC / USD pair lost 9% overnight, the focus is not on a rally, but a deeper drop in prices to test the “diamond hands” of the Hodler.
According to Cobra Crypto, the size of the surrender will cost $ 30,000 in support that came during the May pullback.
“Absolute carnage in the next 5 days or you can tell me how wrong I was”,TO wroteJune 4th.
An update gave a 48-hour period for new losses to hit the market from Monday. Bitcoin, he argued, wouldn’t stop at $ 32,000.
It’s not even the dump. Just wait a maximum of 48 hours.
to???? Cobra Crypto (@CobraCrypto) June 7, 2021
At the time of this writing, the BTC / USD pair traded at $ 33,000 after repeatedly playing $ 32,000 throughout Tuesday.
Cobra crypto added that it would “get back in” Bitcoin at prices below $ 28,000.
No bullish signs
Meanwhile, Bitcoin’s problems are already spreading to altcoins, some of which were previously able to defy the general downtrend to bring solid profits for holders.
With the exception of Theta Fuel (TFUEL) and the iFinex Unus Sed Leo (LEO) token, The entirety of the top 50 cryptocurrencies by market capitalization was in the red on Tuesday.
A 20% reduction would bring the cryptocurrency’s total market cap to around $ 1.13 trillion and maintain its trillion dollar status.
Crypto Cobra wasn’t the only one predicting negative price movements. The crypto trader Ed is also betting on a major recession for Bitcoin.
“Look out, I think we still have 1 leg down, the rebound is weak”,TO warnedÂ in its last update.
“BTC 32k or less ETH 2400 or less”.