- Wallstreet analysts accurately predicted that Bitcoin would sink lower.
- However, the top crypto sunk lower than even the analysts predicted.
- Bitcoin is currently trading at $39,406.07.
Some Wall Street analysts accurately predicted that top crypto, Bitcoin, would sink as low as $40,000. However, the downward spiral took the crypto lower than even the analysts were able to predict.
At the time of writing, Bitcoin is trading at $39,406.07 with a $75,582,950,663 trading volume, according to CoinGecko.
The analysts made the prediction based on the rate of panic selling that was triggered by Elon Musk’s Bitcoin comments. While veteran traders have remained stoic, a majority of new crypto entrants have been selling off their coins, even at a loss.
As a result, the top crypto has lost support at the $40,000 level as predicted. Of note, Bitcoin has dipped over 30% in just 7 days, dragging other top altcoins along with it. Also, one analyst Michael Purves, Tallbacken Capital Advisors CEO, believes that the bears have finally caught up with the crypto market.
In contrast, Anchorage Digital, a California-based digital platform that mainly caters to institutional clients, tells a different story. The firm asserts that its clients are seeing the current slump as a good entry point. As a result, many Anchorage clients are buying the dip. A move supported by Bitcoin’s RSI which is at a lower than 40.
The low Relative Strength Indicator (RSI) shows that Bitcoin is currently oversold which could trigger a price reversal.