In the most recent episode of Crypto Savy, trader Craig has issued a warning that Bitcoin may fall to the $58,000 mark or below. He sees this as a moment for investors to be on their guard, given what he views as potential market manipulation and other latent risks.
Craig’s Warning: Key Support Levels in Sight
Craig’s case is made on technical grounds, with an eye on indicators such as the Relative Strength Index (RSI). He points to a bearish divergence in the RSI as evidence that momentum is waning and could yet see the price of Bitcoin slide further from its support level near $58,000. It is an outlook he says any investor, whether seasoned or not, would do well to heed.
For those keeping tabs on the market, Craig’s take is worth considering in light of the more optimistic forecasts one might find online. His reliance on hard data offers a sound way to make sense of the present volatility.
Concerns Over Market Manipulation
Craig is not content to look only at the technical signals; he has broader misgivings about the integrity of the cryptocurrency market. In a discussion with Crypto Savy, he put forward the view that the market is open to manipulation, with certain analysts putting out misleading data in order to draw in capital. Such tactics foster an illusion of security and have a way of luring in newcomers who act on the hype instead of doing their due diligence.
It is a warning to investors to be wary of the more exuberant claims and to let verifiable figures, not mere sentiment, drive their choices. In an arena as fast-moving and high-stakes as crypto, one cannot afford to overlook the possibility of being played.
Outlook for Ethereum and Altcoins
Craig is not one to be overly optimistic about Bitcoin, and his wariness applies to Ethereum as well. He has issued a word of caution that the latter may retreat to the $1,200 support mark in light of broader market weakness. In his view, the prevailing conditions are no signal of an altcoin season on the horizon. Rather, he sees the fervor surrounding alternative cryptocurrencies as overblown and at odds with what the underlying trends would suggest.
For anyone looking to add some diversification to their portfolio with altcoins, this is worth taking note of. Craig’s comments on Crypto Savy make it clear that there is little to back up the current activity. His position is that investors would do well to be judicious in the altcoin space and not be swayed by hype that is unlikely to hold up.
Source — Crypto Savy: https://www.youtube.com/watch?v=nSoLY91ypDo