One trader notes that the halving event in April did not deliver the expected increase due to a lack of overall market catalyst. He refers to periods when 94% of both long- and short-term owners were in profit, and states that there was a shift towards sales after these periods. This shift resulted in significant declines in the following four to six months. According to Trader, it is possible that the current cycle will follow a similar course. Meanwhile, a crypto trader who predicts a Bitcoin bottom in 2022 speaks of a serious risk for Bitcoin.
"A failure below $60,000 would trigger panic selling!"
According to FxPro trader Alex Kuptsikevich, there could be a panic sell-off if Bitcoin (BTC) closes below the $60,000 level in the coming days. Crypto traders are waiting for a break above $65,000 before the price can climb above $65,000 and be considered bullish. BTC has hovered between $60,000 and $70,000 since March. Additionally, April's halving event turned into a news selling game amidst a general lack of market catalyst. Meanwhile, inflows into exchange-traded funds (ETFs) have decreased over the past few weeks, contributing to the downward trend.
Alex Kuptsikevich says price action is characterized by a series of lower lows and lower highs. He also notes that it is a sign that investors are selling strongly during price rallies. Kuptsikevich is referring to the drop in mining difficulty following the halving in April. In this context, the trader shares the following evaluation:
There is pressure related to asset sales by miners and fears of tighter regulation of cryptocurrencies. A failure below $60,000 could trigger panic selling. In our opinion, the positive scenario will become the main one, with the price rising above $65 thousand, stabilizing the price at the 50-day moving average level and the reversal area in early May.
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