In his latest YouTube video, a popular cryptocurrency expert named Alessio Rastani told his subscribers about the possibility of Bitcoin crashing all the way down to 3000 dollars per coin. So, is the BTC exchange rate really going to go that low in the near future? The expert started his review from evaluating the stock market sentiment cycle, which is a really significant part of market analysis. So, he did just that.
The speed of the cryptocurrency market decline
In particular, the experts is sure that international investors have already reached their highest level of optimism towards Bitcoin, when the coin cost almost 14000 dollars. This confirmed the so-called euphoria stage, which basically means that the market has entered the most risky stage in the entire cycle. Shortly after that the market started panicking when the price when all the way down to 11000 dollars per coin in no time. Then it dropped down to 10000 dollars per coin and continued its way down below this threshold.
The expert says that anyone who dares bet in the opposite direction, i.e. against the popular expectations, is likely to be mocked at. However, judging by the recent BTC decline, he keeps on underlying the fact that the market has already gone through the fear, panic, and depression. The next stage is capitulation. And it seems to be round the corner.
He is almost sure that the media will soon start talking about Bitcoin like there is no tomorrow for the coin. The doomsday headlines will get back.
When is the market going to recover?
Once again, the expert is sure that the market is doomed to go down in the near future. When all of the hopes are gone and the market has reached bottom, shortly after that, the market will start recovering. This may happen in the near future. With tat being said, the 5000-5433 range is really significant for the coin. The chance of going below this range is around 30-35%. If that's the case, the chance of going further down below 3000 dollars per coin will increase dramatically.
