Bitcoin (BTC/USD) Will Not Crash Below $36,000, Asserts Forex Analyst

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A recent price explosion in the Bitcoin market has pushed its costs to over $52,000 per token, more than double its December 2020 nadir. The cryptocurrency’s meteoric rise has also sent its momentum indicators into an overbought area, which typically amounts to a downside correction in the medium-term. Bitcoin RSI indicator is flashing warnings about an imminent downside correction. Source: BTCUSD on Carl Runefelt, the popular crypto YouTuber said that the BTC/USD exchange rate could collapse by as much as 50 percent from its current levels. Kevin Svenson, another market analyst, noted a correction of more than 50 percent would lead to broader bearish moves, eventually ending Bitcoin’s ongoing bull cycle. Nonetheless, both the analysts agreed that the cryptocurrency risks a massive downside move, even though it comes after topping out–for instance—at the $70,000-level. “Could Bitcoin got $70k then return to $42k-$50k??? Yes, that would be healthy,” Mr. Svenson…

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