A Prodigious bloodbath has ensued in the crypto market as the total crypto market capitalization has fallen by 11% with nearly $200 billion losses in a matter of a few hours. Bitcoin Price saw devastating losses reaching $43k with major altcoins falling nearly 20%.
Popular Analyst Michaël van de Poppe in his recent video is mapping out the next target levels for Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) following the dramatic correction. As per the analyst crashes are nothing new for Bitcoin and he believes that the market’s bull structure appears to still be intact.
Bitcoin Price Analysis
The flagship cryptocurrency is now undergoing corrective momentum after a flash crash that took the price as low as the $43,173 mark. we can see an immediate resistance near the $47,200. The next major resistance is near the $48,400 level. If this breaks the price could test $50K.
At press time, Bitcoin price failed to rebound at $46,500 which was the immediate support level. This led the bitcoin price to extend its decline. However, the price could now test the $43,500 support.
According to Poppe :
“We’ve seen it happening in every cycle and we’ve also seen it happening during those bull cycles back in the day. So this chain reaction to the downside needs to happen to liquidate everyone on the bottom. So every long has to be liquidated, the FOMO has to get killed in order to wash everyone out of the markets before the markets start to reverse”
The analysts mark that, if we are regaining $46,700 level, the structure still stands. Further, If the price gets close to above $49 we can consider that we are done with the entire correction.
Ethereum Price Analysis
Even the second largest crypto followed the same bearish path. Ethereum price Lost more than $800 in a few hours retesting the $3,000 support zone. At present, the immediate resistance is at $3350. If it successfully breaks this level ETH might test second resistance at 3480.
On the flip side, if it fails to break this level, the second strong support level lies at $3150. Moreover, A break below $3000 can take ETH price drop to 2890 level. In case of Extended losses, we can Expect strong support at 2650.
As per Poppe, looking back at ethereum price structure, we see that we’ve had these declines in the beginning as well. If ETH price is going to close above $3,400, we are quite sure that the low is in and it’s going to continue moving from here.
Cardano Price Analysis
Since the start of September cardano price is failing to overcome $3 after multiple attempts over the weekend. Despite the hype of its smart contacts launch, the token suffered more than 10% loss.
At press time ADA price is trading at $2.31 as the altcoin failed to stay above the $2.65 support level. The price plunged heavily below $2.5. To start a fresh increase, the price must reclaim the USD 2.65 pivot level.
As for Cardano, the analyst says ADA price has a strong support level at $2.00 and would need to close above $2.45 before an upward trend can continue.
“Most likely, especially if Cardano is going to close above $2.45, we’re going to see bullish continuation.”