Analyst and co-founder of CMCC Crest Willy Woo predicted the beginning of a crypto bear market should Bitcoin fall below $59,000.
According to Willy Woo, if the price of Bitcoin (BTC) falls below the support level of short-term holders at $58,900, the market risks entering a bearish phase.
The expert says the sell-off on the cumulative volume delta (CVD), which measures market orders, has peaked, meaning that the boost phase is underway. He noted that the market has not changed structurally since March, but April is changeable in both directions, with halving being another catalyst for volatility.
The analyst also suggested that the next level at which large liquidations of short positions will occur will be in the $71,000 to $75,000 range. Given Bitcoin’s supply and demand charts, he said, it’s only a matter of time before the accumulation in this consolidation pushes BTC’s price beyond its all-time high.
MN Trading founder Michael van de Poppe noted similar dynamics for Bitcoin. According to his observations, the asset has consolidated at the lows of the current range of $61,000 to $71,000.
On April 13, BTC’s price fell below $61,000 amid the worsening situation in the Middle East. The next day, BTC recovered to levels above $64,000. During that day, the volume of liquidations reached $955 million.
