Analyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important

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Analyst Says Bitcoin Crash Might Not Be Over, Why $60,365 Is Important - NewsBTC

Quick Summary:

He highlighted a Three Blind Mice’ pattern that was forming on the BTC chart, indicating that the crypto is set to witness a bearish reversal following its uptrend in October. Why A Price Crash Could Be Good The on-chain analytics platform Santiment suggested that a Bitcoin price crash might be much needed for the flagship crypto to go higher.

He revealed that since May, every correction of the market value to realized value (MVRV) ratio from its 90-day average has led to a significant Bitcoin correction. In line with this, the analyst noted that the latest rejection has already triggered a 10% drop, suggesting that Bitcoin could suffer more price decline.

The platform noted that the crowd has considerably cooled off its excitement toward crypto since BTC retraced over 9% from its local high of $66,400 recorded on September 27. Related Reading: Crypto Analyst Says Solana-Based BONK Is In Prime Position For Legendary Rally Santiment claimed that this is encouraging, considering that markets typically move in the opposite direction of the crowd’s expectation.