In my previous post, I outlined the Technical Analysis of BTC and also mentioned it's long-term trend. Though, there is a scope of reversal but, in such a bear market, the small positive news won't have a dent of impact on the market.
For the market to bounce back, the regulations must be calmed down and the weak hands should fall in the process of panic selling.
We have some major events happening in the first week of July, including the Supreme Court hearing. Regardless of the outcome, we should see a panic sell in the next 4-5 days.
A Poll conducted by Vinny Lingham - founder of Civic Inc. on Twitter, showcase that people are still having a negative sentiment on the markets and see a further dip. This might not be what everyone in the crypto community is thinking but, this leaves a psychological impact on the community and the market sells off to this level before the bounce.
As per the poll, 42%(majority) thinks that BTC will dip below $5700.
Vinny Lingham also mentioned;
If Bitcoin can hold the $5700 Feb 6 low, it’ll be fine and the market should re-bound later this year above $10k. If we break below $5700, it’s going to be like 2014 again & will likely be a bear market for quite a while. Critical point right now - where do you think we’re headed?
Full tweet on twitter.
So, what do you think? Do you agree with what majority of the people on Twitter are predicting?