- Bitcoin and Ethereum prices dip to greater lows.
- Bullish analysts remain undeterred.
- An expert shares many bullish signs within the market.
The crypto market sees a brutal start to the month of June and the final month of Q2. Sentiments continue to fall as Bitcoin and Ethereum prices dip to greater lows, reflecting the score of 20 on the CMC Fear and Greed Index, marking a high fear state. Further dips could lead to an extreme fear state scenario. Despite these brutal drops in prices, one analyst remains stubbornly bullish.
Bitcoin and Ethereum Prices Dip to Greater Lows
According to CoinMarketCap analytics, the price of the pioneer crypto asset, Bitcoin (BTC), experienced a fall of over 5% in the last 24 hours. This means that the price of the asset fell from the $66,000 price range and is now trading at the $63,000 price range. Bearish analysts believe that the price of BTC will continue to sink to the $60,000 price range, and this will still not mark the cycle bottom price.
Similarly, the price of the pioneer altcoin asset, Ethereum (ETH), also experienced a fall of over 5% in the last 24 hours. This means that the price of the asset fell from the $1,800 price range and is now trading at the $1,700 price range. Bearish analysts believe that the price of ETH will continue to sink, mirroring the dip in the price of BTC. However, as to where ETH will set its bottom is still undiscussed.
Bullish Analysts Remain Undeterred
Presently, the CMC Crypto Fear and Greed Index is sitting at a score of 20, marking how the crypto market is in a state of fear, meaning further dips in prices could push the market into a state of extreme fear. Once the lowest prices and sentiments are hit, the market has nowhere to go but up and trigger a bullish surge in prices. This is why most bullish analysts remain undeterred.
As we can see from the post above, this reputed crypto trader and market expert expresses that no matter how BTC and ETH prices are falling, he will continue to remain stubbornly bullish and goes on to share reasons behind his unshakable bullish belief. It begins by highlighting that the copper/gold prices are overlaying on PMI going back to 2012, making the correlation almost uncomfortable.
With every PMI expansion, copper/gold turns up with it, and every one of those has lined up with a crypto bull market. Right now, copper/gold just reclaimed its 20-month moving average, and is turning on the macro. The other bullish sign comes from the altcoin market cap excluding the top 10. A small sliver of the entire market, lay it over PMI and it tracks cleanly, bear, bull, bear, bull.
With the PMI ticking up again two days ago, the chart is now expanding in real time, in lockstep with it. Altcoins are literally printing on the chart alongside PMI while everyone calls the space dead. Thus, he concludes that he is not giving in to fear while so many of these bullish indicators are lining up the way they are. He expresses how he is stubborn enough to ride to zero, but confirms that he is sure that is not where the narrative will take him.