Crypto Market Update: Are You Panic Buying, Panic Selling, or Just Watching CryptoCrash?
Sahana Vibhute11 Oct 20221 min read
The crypto markets are correcting very heavily as Bitcoin price is battling to sustain above $19,000 for a long time. While Ethereum prices have already dropped below $1300, a single leg down may lead the BTC price to drain below the pivotal levels, indicating the resurgence of a bearish market. While the bulls are trying hard to hold the prices, the impact of the selling pressure appears to have mounted heavily.
Hence, the crypto space remains in deep trouble as an upcoming couple of hours could be extremely crucial!
The markets, ever since the beginning of 2022, have been largely consolidated and have offered multiple opportunities to accumulate at the bottom. Now, market participants could be very sceptical about the upcoming price action as the popular assets failed to rise even after rebounding from their respective bottoms. However, external factors like CPI rates, inflation rates, employment rates, etc. and now the hike in rents too have impacted the markets.
Therefore, what can we expect in the next 24 to 48 hours?
The star crypto, Bitcoin, continues to be under acute bearish pressure and is hence expected to plunge below $19000 any time from now. The asset may re-enter the crucial demand area and reach the bottom of the channel as it did before multiple times.
In a coming couple of hours, BTC price could drop hard within the green-demand zone between $18928 & $18,191 and attempt a rebound as it happened earlier. In the event of a bounce, prices could return to the $19,339 mark but fall short of the $20,000 mark.
Hence, the crypto markets may continue to crash up until the point at which Bitcoin prices do not pass the crucial $20,800 level and reach the $21,200 level.
