- Crypto market dip seems unstoppable, analysts state otherwise.
- Dip caused by manipulation and outflows will keep going but will stop before $50,000.
- All agree that new ATH is simply delayed and a parabolic leap is loading.
Traders continue to watch the crypto market, as some expect another dip to come for the market, others say this ongoing dip is caused by manipulation caused by elites to shake out small holders so the majority of the gains will go to the elites.
In this narrative, one trader says this Bitcoin correction will likely go till Bitcoin (BTC) hits $51,600 and then will work its way to a new all-time high of $110,000. He noticed that April’s monthly close candle was below $61,300 which means levels were monitored carefully.
According to this trader, he believes this dip to be one caused by market manipulation. Despite this he continues to see the charts through technical aspects and noticed that the 2 monthly charts just printed a reversal candle.
He also adds that the bull market is still very much in play but it is simply delayed. Once the next target of $51,600 is met and retracement level is fulfilled, then Bitcoin’s trajectory to its next ATH will likely resume.
Meanwhile, other traders say the dip is caused by massive outflows from spot ETFs. The outflows have caused major FUD and traders have liquidated their leveraged positions in the last 24 hours. In detail, almost 500,000,000 worth of leveraged positions were liquidated.
Lastly, another trader says this dip is still playing out what all seasoned traders expected. He shares a chart explaining the patterns of the mighty parabolic trend and this dip is marked as the final one before the parabolic rise for Bitcoin and altcoins.
