Willy Wu, analyst and co-founder of CMCC Crest, predicted that a crypto bear market would begin if Bitcoin fell below $59,000.
According to Willy Wu, if the Bitcoin (BTC) price falls below the support level for short-term holders at $58,900, the market risks entering a bearish phase.
The expert said the decline in cumulative volume delta (CVD), which measures market orders, has peaked, meaning a push-up phase is underway. He noted that while the market has not changed structurally since March, April could move in both directions, and the halving will also be a factor causing volatility.
The analyst also suggested that the next level at which a major liquidation of short positions would occur would be in the $71,000 to $75,000 range. He said that given the supply and demand chart for Bitcoin, it is only a matter of time before the accumulation from this consolidation pushes the price of Bitcoin above all-time highs.
Michael Van de Poppe, founder of MN Trading, pointed out that there is a similar movement in Bitcoin. He observes that the asset is stable at the low end of the current range of $61,000 to $71,000.
On April 13th, the BTC price fell below $61,000 due to the deteriorating situation in the Middle East. The next day, BTC recovered to levels above $64,000. The amount liquidated that day amounted to $955 million.
