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Commentators are predicting a deeper crypto drop, with BTC trading at $20,000 rather than $30,000 in the short future.
A famous trader has warned that Bitcoin (BTC) is on its way to “absolute carnage” which would result in a drop to about $25,000, as positive indications for BTC/USD fade.
In a series of direct tweets this week, Twitter user Cobra Crypto warned that the total cryptocurrency market value is likely to be reduced by 20%.
Crypto to see “absolute carnage” within days?
Despite “feel-good” news items from the Bitcoin 2021 conference, such as adoption in Latin America, Bitcoin has fallen in recent days.
Now, as BTC/USD fell 9% overnight, the focus is on a further price drop to put hodlers’ “diamond hands.” to the test.
The scale of the surrender, according to Cobra Crypto, will cost the $30,000 support that held throughout the May retracement.
“Absolute carnage within next 5 days or you can tell me how wrong I was,” he wrote on June 4.
An update gave a time limit of 48 hours from June 7 for the fresh losses to enter the market. Bitcoin, he argued, would not stop at $32,000.
This isn’t even the dump. Just wait another 48 hours max.
— Cobra Crypto (@CobraCrypto) June 7, 2021
At the time of writing, BTC/USD traded at $33,000, having toyed with $32,000 repeatedly over the course of June 8.
Cobra Crypto added that he would “scale back in” to Bitcoin at prices below $28,000.
No hint of upside
Meanwhile, Bitcoin’s issues are already affecting altcoins, some of which have previously managed to outperform the broader slump and give considerable gains to holders.
Except for Theta Fuel (TFUEL) and iFinex’s Unus Sed Leo (LEO) token, all of the top 50 cryptocurrencies by market size were in the red on June 8.
A 20% cut would reduce the whole cryptocurrency market worth to roughly $1.13 trillion, retaining its trillion-dollar status.
Crypto Cobra was not the only one who predicted a drop in price. As previously reported, fellow trader Crypto Ed believes Bitcoin will continue to fall.
“Beware, I think we still get 1 leg down, the bounce is weak,” he warned in his latest update.
“BTC 32k or lower ETH 2400 or lower.”