If Bitcoin fails to withstand this level, the altcoin market will suffer more losses

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2021-03-25 14:13:11

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A well-known crypto analyst said the current bulls Bitcoin could hurt some altcoins in the short term.

In a new strategy analysis video of the crypto market, analyst Michaƫl van de Poppe said he is watching closely to see if BTC bulls can bring the flagship cryptocurrency back above $ 58,000. or not.

You can head for the highs of $ 58,000. If that place really cannot be broken to become support again, I would expect a move to lower lower.

And to prevent a bigger bearish move, Van de Poppe said Bitcoin price need to hold critical support at $ 55,100.

If BTC falls below that number, the analyst says altcoins that have experienced major price spikes recently will be especially vulnerable.

If $ 55,000 doesn’t provide support, I think the overall dynamics we just saw on altcoins like Chiliz (CHZ), Enjin (ENJ), Theta (THETA) – all of those coins will have one. the adjustment is very painful.

And that one painful adjustment means they can be reduced by 50% to 60%.

However, in the long run, Van de Poppe remains optimistic for the cryptocurrency market. He describes Bitcoin’s current correction as a “welcome correction” and a “healthy” bull run across the crypto market.

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