- Sheldon The Sniper thinks the Bitcoin market is in a depression phase.
- Despite the current situation, Sheldon believes the bull run could start at any moment.
- The analyst believes the bulls have the next 24 hours to overturn a potential price dump
Cryptocurrency analyst and Crypto Banter presenter, famously known as Sheldon The Sniper, thinks the Bitcoin market is in a depression phase. Despite noting the current Bitcoin market situation could be demotivating, Sheldon believes the bull run could start any moment.
In a recent Crypto Banter video session on YouTube, Sheldon noted that Bitcoin is sitting on critical support, and the bulls have the next 24 hours to overturn a potential price dump. According to Sheldon, Bitcoin price is sitting at the 61.8 Fibonacci support level of a recent move, and the bulls need to take control to avoid breaking below the support.
Sheldon believes if the Bitcoin market fails to uphold that support region, it could initiate a prolonged downward price movement. He notes one of the reasons for his submission to be a developing bearish moving average crossover. Sheldon revealed that the daily 20 and 50 moving averages are approaching a bearish crossover. Using historical data, the analyst showed that a prolonged downward movement usually follows such a crossover.
Despite the developing bearish signals, Sheldon observed significant bullish narratives still in place that the bulls could capitalize on. He identified the Bitcoin RSI and volume as indicators supporting a bullish trajectory. However, he warned that those indicators would remain valid if the bulls respond early enough to avert the potential price dump.
Sheldon marked $29,600 as a significant price for Bitcoin to climb above in the next 24 hours to avert the fall. He further revealed that the bearish crossover is not restricted to Bitcoin alone. According to him, the altcoins are also in similar market situations, with Ethereum showing a potential bearish crossover. However, the Crypto Banter presenter emphasized that moments like this are when markets push for the final squeeze ahead of an inevitable uptrend.
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