Cryptocurrencies

Bitcoin rises, but analyst warns of trouble


The Bitcoin price is up more than 2% today and is trading at 58,735 dollars. This seems to indicate that recovery has started, but Crypto Banter warns of a dangerous situation in a new episode of its “The Sniper Trading Show”.

Dangerous situation for Bitcoin

First, the analyst discusses the Fear & Greed Index, which at the time of his video is at 28/100 points. This shows that there is quite a lot of fear in the market and according to him, this shows that the bulls are starting to worry.

He does add the caveat that a low score on the Fear & Greed Index is often a good time to buy. In the past, it turned out that after low scores on the Fear & Greed Index, we were often around a bottom.

He also warns of a development that could cause Bitcoin enormous problems. Namely, if we see the zone around 60,000 to 61,000 dollars change from support to resistance for the digital currency.

If that’s the case, it could significantly limit near-term upside potential according to Crypto Banter.

His view on altcoins

Crypto Banter is currently wary of Bitcoin, while he sees some positive signs for altcoins. According to the analyst, the recent decline in Bitcoin’s dominance means that altcoins could be entering a better period.

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So far this cycle has been mostly Bitcoin, some larger altcoins and of course the memecoins. The latter category in particular has been stealing the show and has created a lot of new millionaires this cycle.

In the coming months we will see whether this bull market will continue. Much depends on the development of the macroeconomic situation in the United States. Inflation must come down there, so that the central bank can lower the interest rate and remove the downward pressure on the market.

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