Peering into the crystal ball: What’s next for Bitcoin? | June 15th

You might have found it hard to believe then because everyone else was predicting a full-fledged bull run. Well, it turns out that we were right on the money. Check that for yourself here, and pay more attention to what we’ve got to say next. Today, we've got some more insights for you. The likelihood of Bitcoin heading towards $20,000 has shot up significantly since last week's debacle. While we hate to bring bad news, things aren’t really looking optimistic. 

Right now, we'd rather play it safe and protect our capital instead of taking unnecessary risks. Why, you ask? Well, our main goal has always been to minimise risk. We're in it for the long haul, and a few ups and downs in prices won't shake our overall perspective on the market. We’re just being realistic, and the reality is that the market isn’t in its best shape yet. With that said, let’s hop on prices.

TLDR📃

• Bitcoin reached support ($25,150). Holding this level is crucial for more upside. Otherwise, we’re heading to $20,000.
• The bearish sentiment has increased since the SEC’s renewed effort to crack down on crypto. While BTC at $20,000 wasn’t really on the cards before, it is now a real possibility.
• The Total Market Cap is at support ($1.03T - $950B). We’re expecting more downside and consolidation across the board.
• ETH lost $1,740 as support. Next stop - $1,420 (unless it can reclaim $1,740, of course)
• BNB has more downside left in the tank.

Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the R:R trading tool to help you understand our analysis very quickly. They are not signals, and they are not financial advice. Any capital-related decision you make is your responsibility and yours only.

Total market cap

The Total Market Cap (TOTAL) index represents the entire cryptocurrency market. We track this index to understand where the overall market is now and predict where it will go next.

Altcoins market cap

The Altcoins Market Cap (ALTS) index represents the entire valuation of the altcoins market: all coins other than BTC.

Bitcoin | BTC

Here’s the deal…

It took a whole two months of us constantly blabbering about the seemingly elusive $25,150 level, but guess what? We’re finally here. However, things aren’t looking as bright as we were expecting. Why? Because we're now looking at a very real possibility of Bitcoin tumbling down to the $20,000 mark. The only confirmation for more downside comes from a weekly closure under $25,150. In the meantime, it’s best to keep your exposure minimal and avoid risking-on.

Ethereum | ETH

Cardano | ADA

Dogecoin | DOGE

Polygon | MATIC

Solana | SOL

TRON | TRX

Ripple | XRP

XRP might be going down, but there’s something you should know.

We can see that XRP has been rejected from resistance, but there is one very important aspect to this rejection: most of the selling was caused by panic, nothing more.

Despite getting rejected, XRP is still trading in a bullish market structure on the weekly timeframe. Not sure what one of those looks like? Here’s an example 👇See what we mean?

We believe XRP has a good shot at heading back up towards that $0.56 - $0.51 resistance area. Even better, it might break above resistance if the market structure stays intact. But we can’t have XRP dropping under its previous low, if this will happen.

Litecoin | LTC

Binance | BNB

Cryptonary’s take 🧠

The truth is, no one can tell you what’s going to happen with absolute certainty. The only thing we can do is carefully assess all the options available to us and assign probabilities to each one. As we’ve said before, BTC at $20,000 has a real chance of becoming a reality again. With this amount of risk on your hands in the short term, it’s best not to get too excited about the market being at support because lower prices are possible. Still, that doesn't mean you should abandon the ship or stop investing altogether. That isn’t even an option for us 🤝.

Action points 📝

1. If you decide to trade in the short term, beware of unwanted volatility. The market is highly uncertain, and you can get caught right in the middle of it if you’re not careful enough.
2. Keep your eyes peeled on key levels. For example, The Total Market cap losing $950B as support will start a new leg to the downside. 
3. We still believe BNB is a dangerous asset to play with (even more so than others). Trade at your own risk.
4. Got questions? Hit us up on Discord in the “🌎・general” or “🆓・alpha” channels. We’re happy to help.

Thank you for reading, Cryptonary out.