Cheds, one of the known analysts and investors of the crypto money ecosystem, states that Bitcoin is still in a macro downtrend and that the charts where BTC fell below $ 18,000 can be repeated. When he evaluates the daily charts, the analyst states that he sees a bear market continuation and may draw a bearish pennant. Expressing that there is a relief at the moment, Cheds states that there is a day or two left for Bitcoin to move down.
In addition, the analyst stated in a previous statement that a bearish pennant or breaking wedge in Bitcoin could send BTC to new lows of 2022. For this reason, the analyst states that Bitcoin can test the 2022 low level of $ 17,600 again.
Earlier this month, Cheds also stated that Bitcoin could bottom at $12,000, and it could be a strong case for it. In the last 1 day, a retracement in BTC may make Cheds' predictions to be considered again.
In addition, considering the situation in the general cryptocurrency market, it is thought that it is not possible to talk about a clear upward or downward move yet. Because BTC is currently experiencing a price squeeze, and it is stated that it is important in which direction the squeeze will be broken. In addition, Bitcoin had broken the previous price squeeze downwards, and then there was a decrease of over 10%. Therefore, analysts say that it may not be right to trade in Bitcoin and altcoins at the moment.
While an average of 1 percent fund outflow was seen in the crypto money markets yesterday, there was an increase in intraday transactions due to new fund inflows. While the total market capitalization is close to $950 billion towards evening hours, the 24-hour average trading volume remains below $60 billion. This causes cryptocurrencies to generally move sideways.