Bitcoin (BTC) is headed for a “total massacre” which will result in a collapse to around $ 25,000, warns a well-known trader as bullish signals in BTC / USD disappear.
In a series of tweets released this week, Cobra Crypto warned that the entire cryptocurrency market cap is facing a loss of 20%.
Are there just a few days left for a “total massacre” in crypto?
In recent days, Bitcoin has seen a sustained decline despite positive news from the Bitcoin 2021 conference, including adoption in Latin America.
Now, after a 9% loss in BTC / USD overnight, the focus has shifted not to a recovery, but rather to a deeper correction that will test HODLers’ diamond hands.
According to Cobra Crypto, the scope of the capitulation will cost support at $ 30,000, which remained valid during the May crash.
“Total massacre within the next 5 days, otherwise you can tell me how wrong I was,”
on June 4th.
Absolute carnage within next 5 days or you can tell me how wrong I was.— Cobra Crypto (@CobraCrypto) June 4, 2021
An update specified a 48-hour deadline from Monday for new losses to arrive in the market. Bitcoin, he said, won’t stop at $ 32,000:
“This is not even the collapse. Wait another 48 hours at the most. “
At the time of writing, BTC / USD is trading at $ 32,550 after testing $ 32,000 multiple times on Tuesday.
that “it will gradually re-accumulate”Bitcoin at prices below $ 28,000.
Need BTC at sub 28k. Then I'll scale back in.— Cobra Crypto (@CobraCrypto) June 8, 2021
No bullish signs on the horizon
Meanwhile, Bitcoin’s troubles are already spilling over into altcoins, some of which had managed to counteract the overall bearish trend to deliver substantial gains to investors.
With the exception of Theta Fuel (TFUEL) and Bitfinex’s Unus Sed Leo (LEO) token, the totality of the top 50 in the cryptocurrency list by market cap was in the red on Tuesday.
A 20% drop would bring the overall crypto market cap to around $ 1,130 billion, while still maintaining the $ 1 billion target.
Crypto Cobra wasn’t the only one to predict negative price movements. As Cointelegraph reported, Crypto trader Ed is also betting on a further contraction for Bitcoin.
“Attention, I believe there will be another negative movement, the rebound is weak,”
in its latest update.
beware, I think we still get 1 leg down, the bounce is weak— Crypto_Ed_NL (@Crypto_Ed_NL) June 8, 2021
BTC 32k or lower
ETH 2400 or lower https://t.co/a4IcNSX99K
“BTC at $32,000 less, ETH at $2,400 less.”