Bitcoin is now officially in oversold territory. We just had an extremely tumultuous week during which we saw prices hit 2020 levels and the relative strength index tap an all-time low of 39.84. However, bitcoin has more unpleasant surprises for investors to begin the weekend. As of press time, the natural support at twenty thousand dollars has been lost and the king of crypto is now trading just above $18,000. We have a lot to cover as Bitcoin seems to be on the verge of another one of its historical 80% dumps, but if that happens, that means a free fall to $13,800 or $14,000. If we are lucky, such drops are not unprecedented for bitcoin. So, because we did not have that blow off top during the bull market, such drops would set us back a long way. So we will be taking a look at some of Plan B’s tweets and some other recent developments in the crypto market.
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With the new losses, Bitcoin has dropped by more than 38% in the last month. It has also lost more than 73% of its all-time high. About two days ago, there was an information about anonymous analyst Plan B’s tweets positing that bitcoin would not drop to $18,000 in a June 13 tweet after bitcoin fell by 15% in one day. The former institutional investor predicted that prices would not drop to $18,000. Let’s take a quick look at that tweet:
Here is another Plan B tweet from with bitcoin sitting conveniently in the dark blue:
As Plan B accompanies his tweet with charts of bitcoin’s price realization, 200WMA, and relative strength index, Plan B states in his tweet, everything is chaotic. The 200-week moving average is currently just above $2,000. The realized price is also above $24,000.
In stark contrast, bitcoin’s price is well below $20,000. If we go by historic lows, the free fall would continue over the weekend until the crypto asset hits another record low. Bitcoin is currently just above eight thousand dollars. Prices in that range were last seen in December 2020. If it crashes further, then we will be looking at the price range of October 2022.
ETH is also trading below $1,000. The native token of the Ethereum blockchain, like bitcoin, has an unrealized loss of $100, having lost more than 14% today and 58% in the last month.
This year losses are through the roof for all top cryptocurrencies, but none comes as close as Dogecoin. In the last year, the popular memocoin has lost nearly 90% of its value at 0.05. Dogecoin has also dropped by more than 37% in the last 30 days.
Unfortunately, billionaire investor Elon Musk, who has recently been hit with a 258 billion dollar lawsuit for an alleged pyramid scheme involving the memocoin, is unlikely to be of much assistance. Doge has now lost its place in the top 10 cryptocurrencies by market cap. What do you think about Plan B’s tweet on bitcoin’s chances as the bear market continues? Remember that we still have a lot of time before we can start looking forward to a bull market.
[This article is a transcription of a video made by Savvy Finance]
Original video: https://youtu.be/K1wGdXydIyE ]