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A closely followed crypto strategist and trader says altcoins look set for another deep corrective move.
Pseudonymous analyst Rekt tells his 329,700 Twitter followers that Bitcoin (BTC)’s inability to clear its immediate resistance at $17,150 does not bode well for the broader crypto market.
“Further BTC lows could be on the cards, especially if ~$17,150 continues to act as resistance.
Therefore, a decline of up to -20% to ~$13,900 would not be out of the question.
A drop of -20% for BTC would surely have a negative impact on altcoins and cause them to fall by more than -20%.
Source: Rekt/Twitter
According to Rekt, historical bear market data suggests that altcoins still face greater downside risk, particularly if Bitcoin continues to show signs of weakness.
“Many altcoins have not retraced the typical -90% to -99% of this current bear market.
History suggests there is a good chance they will again, especially if the level around $17,150 for BTC continues to act as resistance.
At the time of writing, Bitcoin is changing hands for $16,870, up 2.80% on the day.
Regarding Ethereum, Rekt says that ETH is likely to continue falling after converting a critical support level into resistance.
“This December, ETH failed to recover three-month support.
In fact, this same old three-month support acts as a new resistance.
If ETH does indeed close monthly below ~$1,300, much lower prices likely await in the new year.
At the time of writing, ETH is changing hands for $1,214, an increase of 3.60% in the last 24 hours.
As for Cardano (ADA), Rekt says he doesn’t see Ethereum’s rival reversing its downward trend anytime soon.
“ADA retraced -91% in this BTC bear market.
More downsides to come as there is no major support below for a while.
At the time of writing, ADA is trading at $0.289, up 2% over the past day.
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