A minor Correction or a Bear Market?
The most dominant cryptoBitcoin’s price in the recent past was on the verge to break the target at $50K, yet failed and dropped notably. Moreover, the entire crypto market is bleeding with large margins. The popular DeFi token YFI price which rallied massively above $52K levels also broke down below $40K within a couple of time.
However, some believe the crypto market is expected to take a big turn may be incoming in the next couple of days. One of the popular analysts, Michael van de Poppe has predicted that the crypto market is on the edge of a major move. But currently, the direction of the price movement cannot be determined.
Feels like the market is on the edge of another big move again. Not sure which direction, but we'll probably know within the next 24-48 hours.
— Michaël van de Poppe (@CryptoMichNL) February 14, 2021
The prime foucus remains on the top two cryptos assets Bitcoin and Ethereum, as the significant breakout may lead the price to move to the highest levels. Or else a dip may experience a free-fall.
Bitcoin Price Breaking Down Yet not Crashed!
The bitcoin price which had a spectacular rally in the past week had a trembled condition in the past day, shedding nearly 8% of the price. At present BTC price is attempting very hard to maintain above the strong support lie, else a major bearish divergence may haunt the crypto space.
Considering the other part, the major players or the big institutions may jump in to quickly take the advantage of the dip. As said by one of the popular analyst, Lark Davis, Grayscale may get a better chance to acquire more at the dips.
— Lark Davis (@TheCryptoLark) February 15, 2021
However, at the time of writing, Bitcoin price and Ethereum price seems to have managed the trembled situation. Bitcoin standing strong above $47K at $47300 and Ethereum above $1700 at $1740 indicates that the current bearish trend is short-lived and may rebound at any moment.