Is the bottom in?
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BTC and altcoins has been in bloodbath today (and also since the last weekends). Is the bottom in?
As in my prediction for BTC on 28th May, the targeted price were almost filled today (with good timing). However, if we look at the Total Market Cap of crypto, it seems that the whole market still has room to go more down. Price and RSI broke their trendline (on 1W TF).
In my opinion, the total market cap needs to drop at least 12% more from here. This means that BTC would go to $20000. This target was explained in my analysis "Capitulation for BTC?" posted on 17th May (using the below link).
As in my prediction for BTC on 28th May, the targeted price were almost filled today (with good timing). However, if we look at the Total Market Cap of crypto, it seems that the whole market still has room to go more down. Price and RSI broke their trendline (on 1W TF).
In my opinion, the total market cap needs to drop at least 12% more from here. This means that BTC would go to $20000. This target was explained in my analysis "Capitulation for BTC?" posted on 17th May (using the below link).
Note
Total Market Cap has touched the MA 200W (red line) and filled the 12% gap (w.r.t its initial value when I did this post) as expected. This is because BTC reached $20130, as predicted.I think the total market cap (as well as BTC) may go down a bit further but would close this week above the MA200W.
Note
Total market cap has bounced from the MA 200W (red line) and seems to go back to see 1T US dollars. The next resistance is 1.1T $
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