- Renowned analyst Sheldon The Sniper believes Bitcoin market is in depression.
- Bitcoin’s current position on critical support crucial for bulls to counteract decline.
- Failure to maintain support could trigger extended period of declining prices.
Renowned cryptocurrency analyst and esteemed presenter of Crypto Banter, widely recognized as Sheldon The Sniper, believes that the Bitcoin market is currently experiencing depression. While acknowledging the potentially disheartening state of the Bitcoin market, Sheldon remains optimistic, asserting that the much-anticipated bull run could commence imminently.
During a recent Crypto Banter video session on YouTube, Sheldon, a prominent figure in the crypto industry, highlighted the significance of Bitcoin’s current position on critical support. He emphasized that the next 24 hours are crucial for the bulls to counteract a potential price decline. Sheldon pointed out that Bitcoin’s price is currently at the 61.8 Fibonacci support level, corresponding to a recent movement. The bulls must regain market control to prevent a breach below this support level.
Sheldon, a seasoned crypto industry analyst, believes that a failure of the Bitcoin market to maintain its support region could trigger an extended period of declining prices. He highlights a significant factor contributing to his viewpoint: the emergence of a bearish moving average crossover. Sheldon discloses that the daily 20 and 50 moving averages are on the verge of a bearish crossover. Drawing upon historical data, the analyst demonstrates that a sustained downward movement has historically followed such crossovers in price.
Despite the emerging bearish signals, Sheldon astutely noted the presence of substantial bullish narratives that the bulls could leverage. He discerned the Bitcoin RSI and volume as key indicators bolstering a positive trajectory. Nevertheless, he cautioned that the validity of these indicators hinges on the bulls’ prompt response to avert a potential price dump.
Sheldon, a prominent figure in the crypto industry, identified $29,600 as a crucial threshold for Bitcoin to surpass within the next 24 hours to prevent a decline. He also highlighted that this bearish trend is not exclusive to Bitcoin, as altcoins like Ethereum are experiencing similar market conditions, potentially indicating a bearish crossover. Nevertheless, the Crypto Banter presenter emphasized that these moments often catalyze the market’s final push before an inevitable upward trend.
