Bitcoin BTC/USD may be in for a rude awakening.
In a Twitter post on Friday, pseudonymous cryptocurrency analyst Cred said that Bitcoin may crash if it doesn't manage to hold between $19,000 and $20,000. Failure to do so could cause the cryptocurrency to plummet to the $16,000 range, around a 15% drop from its current value.
At the time of writing, Bitcoin was trading at $20,157.94, 10% down in the last week.
Crypto analyst Benjamin Cowen also hinted on Friday that it may take another six months before Bitcoin turns bullish again.
He added that crypto markets may deliver significant losses to both bears and bulls this year. Only then would "we go back up," he tweeted.
In a YouTube video released the same day, Cowen said that crypto markets could give up hundreds of billions of dollars in a course-correction similar to that following the dot-com collapse.
“The dot-com crash from its peak occurred over two-and-a-half years when the Nasdaq dropped by 83%. A similar fall from the peak of the crypto markets would also bring the total market cap down to the $400 billion to $500 billion range,” he said.
Read now: Analyst Who Predicted May 2021 Crypto Crash Now Says Bitcoin Set To Surge To This Price By 2024
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