Bitcoin‘s current stagnation at around $111,000 is causing apprehension among traders, as it struggles to cling to a crucial support level of $112,500. Roman Trading, an analyst with a history of bearish forecasts on Bitcoin, remains unwavering in his negative outlook. He has provided detailed insights and predictions on potential future movements.
How Critical is the Euro Chart?
Roman Trading, known for accurately predicting several significant downturns in Bitcoin’s history, emphasizes the paramount importance of the Euro chart in his analyses. Highlighting the absence of a new all-time high (ATH) for the BTC/EUR pair since the previous year, he believes this chart plays a vital role in signaling potential declines. The analyst attributes Bitcoin’s recent upward trends not to inherent growth but largely to a falling dollar index (DXY).
According to Roman Trading, the diminishing DXY has been the primary driver behind Bitcoin’s ascent, undermining the idea that ETFs are facilitating lasting value creation. He warns that the excitement surrounding ETFs may have peaked, leaving long-positioned bulls appearing fatigued.
“The only reason for BTC’s rise is the drop in DXY – it’s not creating its own value through ETFs. This suggests that the ETF frenzy appears to be over.”
“Long-positioned bulls seem to be exhausted. This indicates one of the final distribution phases we’ve encountered before.”
The validation of his predictions could lead to severe declines in Bitcoin’s value. A crucial point to watch is a potential slip below $108,000, which would likely lead to medium-term setbacks in altcoin markets, especially if Ethereum fails to regain the $4,700 mark promptly.
Can XRP and Fartcoin Make a Comeback?
Despite altcoins witnessing over 4% in losses, Bitcoin’s hesitation to fill the CME gap is concerning. This situation undermines the prospects for a short-term boost in altcoin markets, even as Federal Reserve Chair Jerome Powell places less emphasis on inflation issues.
Analyst Ali Martinez indicates that while XRP faces a new low of $2.76, it has potential to break out of its triangular pattern and reach $3.7. Concurrently, James Bull expresses optimism about the prospective growth of Fartcoin, suggesting that conditions are favorable for entry. He notes Fartcoin’s steadfast support over five months and expects a significant upswing.
“Fartcoin has been supported for five months since April. If you’re considering entering Fartcoin, now is the time.”
“Bitcoin’s bounce to $118,000 appears poised to close the CME gap. If this occurs, brace for a significant Fartcoin surge. I’m anticipating a tenfold increase here.”
Notably, Bitcoin currently shows little inclination to move toward the CME gap. This hesitation fuels the existing uncertainty in the broader cryptocurrency market as stakeholders ponder their next steps.
