Cryptocurrency market daily overview. Source: Coin360
Bitcoin started the day just above the $7,100 price mark, at which point the world’s largest crypto coin bounced off a local low of $6,560, before moving up again to its current trading price near $7,150. After a tumultuous 24 hours, BTC is showing a minor gain of just under 1% on the day.
BTC is down around 12% from the weekly open of $8,100, while, over the month, investors have lost around $1,800 per coin.
Bitcoin daily price chart. Source: Coin360
Bitcoin could spend months trading at $5,500
Commodities trader and technician Peter Brandt recently revealed his belief that BTC could spend months trading at $5,500 before it recovers. The veteran trader became best known as being one of the first analysts who accurately predicted the end of the bull run in December 2017.
“My target of $5,500 is not far below today’s low. But I think the surprise might be in the duration and nature of the market,” he wrote. Brandt continued:
“I am thinking about a low in July 2020. That will wear out bulls quicker than a price correction.”
Well-known statistician and analyst Willy Woo, together with crypto trader Tone Vays, echoed similar sentiments when they said that the threat still remains that Bitcoin will hit $4,500.
Regular Cointelegraph contributor Filb Filb added his opinion to the mix of negative sentiments, saying that for him now was a time to be risk-off:
“I’m totally back in cash now. There doesn’t seem to be obvious sign of reversal. Going to sit on the sidelines until there is more indication.”
Ether (ETH), meanwhile, saw a painful drop in sync with BTC during recent days. The number-one altcoin bounced of its daily low at $134, before moving up to its current trading price of $147 per coin. Ether is showing a mild gain of around 0.7% on the day.
Ether 7-day price chart. Source: Coin360
XRP, the third-largest coin by market capitalization, continues to lose ground and currently sits at $0.220 per coin, showing a loss of more than 3% at press time.
XRP 7-day price chart. Source: Coin360
Mixed signals among the top 20
Many of the top 20 coins are showing mild signs of recovery, with Cosmos (ATOM) taking the lead, up more than 4% on the day. Monero (XMR) comes in second place with a gain of around 2.2% at press time. Tezos (XTZ) takes the title of biggest loser, seeing a loss of nearly 9% on the day.
The overall cryptocurrency market cap currently sits around $195.9 billion, with Bitcoin making up 66.4% of the total.
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