Crypto-Follow logo Crypto-Follow logo
Seeking Alpha 2022-05-16 22:17:42

Why Has Bitcoin Been Crashing And What's The Outlook?

The recent collapse in TerraUSD and LUNA has also impacted Bitcoin significantly. As a result, crypto investors bailed out in droves as they were concerned about a crypto winter.Our price action analysis suggests a short-term bottom could be in play. However, we have tempered our medium-term outlook due to a subtle bull trap formed in April.We reiterate our Buy rating in Bitcoin, with a price target below $46K. However, we caution that the bull trap of $65K remains a significant impediment to its re-rating.We also urge investors to implement strict stop-loss risk management if Bitcoin breaks below its current level. The potential drop to its next level implies a massive 87% downside.

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer