Ton Weiss: Bitcoin may continue to fall in the near future

Article Reading Time:
1 min.

A well-known cryptocurrency analyst believes that the bearish trend in the market is not over yet and in the near future the rate of the first cryptocurrency may continue to decline to $14,500.

Stream on YouTube by Tone Weissstated that the situation for Bitcoin still looks extremely depressing, while “bulls are desperately trying to cling” to the $19,000 level. So far they have succeeded, because BTC is trading at $19 500, but this level of support is unlikely to last long:

“The weekly chart looks terrible again.We see a powerful red candle that will close near the minimum values, unless, of course, a monster rally suddenly occurs. But this is unlikely... Now everything looks in favor of the bears. The four-day chart also shows a bearish trend. Therefore, we are holding fiat for now,” the analyst said.

Ton Weiss noted that the MRI indicator may hint at an imminent trend reversal. However, if the bears manage to break through the current support level, the fall may well continue to $14 500.

</p>

Let us recall that Pantera Capital CEO Dan Morehead believes that soon the correlation between cryptocurrencies and traditional assets will disappear and digital assets will return to growth.