A closely followed crypto strategist and trader says that altcoins look primed for another deep corrective move.<\/p>\n
Pseudonymous analyst Rekt tells his 329,700 Twitter followers that Bitcoin\u2019s (BTC<\/a>) inability to take out<\/a> its immediate resistance at $17,150 does not bode well for the entire crypto market.<\/p>\n \u201cNew BTC lows could be on the cards, especially if ~$17,150 continues to act as resistance.<\/em><\/p>\n Therefore, a drop of up to -20% to ~$13,900 wouldn\u2019t be out of the question.<\/em><\/p>\n A -20% drop for BTC would surely negatively impact altcoins and make them drop more than -20%.\u201d<\/em><\/p>\n According to Rekt, historical bear market data suggests<\/a> that altcoins still face more downside risk, especially if Bitcoin continues to flash signs of weakness.<\/p>\n \u201cMany altcoins haven\u2019t retraced the typical -90% to -99% in this current bear market.<\/em><\/p>\n History suggests there is a good chance they still will, especially if the ~$17,150 level for BTC continues to act as resistance.\u201d\u00a0<\/em><\/p>\n At time of writing, Bitcoin is switching hands for $16,870, up 2.80% on the day.<\/p>\n Looking at Ethereum, Rekt says that ETH<\/a> will likely continue to trend lower after converting<\/a> a critical support level into resistance.<\/p>\n \u201cThis December, ETH has failed to reclaim a three-month support.<\/em><\/p>\n In fact, this same old three-month support is acting as new resistance.<\/em><\/p>\n If ETH indeed monthly closes below ~$1,300, then much lower prices likely await in the new year.\u201d<\/em><\/p>\n At time of writing, ETH is changing hands for $1,214, a 3.60% increase in the last 24 hours.<\/p>\n As for Cardano (ADA<\/a>), Rekt says<\/a> he does not see the Ethereum rival reversing its downtrend anytime soon.<\/p>\n \u201cADA has retraced -91% in this BTC bear market.<\/em><\/p>\n Still more downside to come as there is no major support below for a while.\u201d\u00a0<\/em><\/p>\n At time of writing, ADA is trading at $0.289, up 2% in the past day.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get crypto email alerts delivered directly to your inbox <\/span><\/em>
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