After a fairly long period of sideways movement is Bitcoin readying itself for the next leg down to $14k or perhaps even $10k?
Beginning in March of this year, Bitcoin saw its biggest price drop, down around 63%, from $48k to just under $18k, in a period of less than 3 months.
This was a fairly cataclysmic drop to follow on from the fall of 52% from Bitcoin’s all-time-high back in November of 2021. It could be said that in this bear market so far, there have just been these two longer periods of sideways price action up to now.
The longest period is the most recent. From mid-June until early November Bitcoin traded in the $18k to $24k range, a period of nearly five months, and currently, the king of the cryptocurrencies has taken another small drop to around $16k.
It would seem that gravity might well take it down to possibly the strongest support at $13,700, and then even down to around the $10k area last seen around two years ago. Much below this could be Armageddon for Bitcoin.
Ethereum, the number two ranked cryptocurrency by market cap, is also currently on shaky ground. $ETH has dipped back down between the $1,200 to $1,000 range. Going below $1,000 could leave it open to retesting the local low set back in June of this year of $900.
If the big two cryptos are having their bad times, then it could be said that Solana is suffering badly, and then some. With the fall out from the FTX/SBF debacle Solana has had a dreadful month.
The price dropped like a stone from the beginning of the month, and went down as far as $11 at one point. The price is currently sat on the support at $13, but a potential drop from here could take it all the way down to $4.
$BNB, the exchange token for Binance, could also be facing quite some peril should the bear market continue to extend well into next year. The price is currently sat on an upwards trend line that goes all the way back to its beginnings in November of 2017. Should it go below the trend line and take out the support at $210, it could go off a cliff and potentially free fall all the way down to $32.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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