Wednesday, May 12, 2021

THE CRYPTO MARKETS COULD BE READY FOR A BEAR MARKET

BITCOIN MAY BE TOPPING OUT IN THE SHORT TERM ka

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Hi Crypto Academy Network,

We had warned our investor’s in the previous analysis that the rise in Ether’s market dominance at the cost of Bitcoin was a sign that the crypto bull run is in its final legs. Strategists at JPMorgan Chase & Co. and DataTrek Research LLC have also echoed a similar warning. 

JPMorgan analysts wrote in a note on Friday that the drop in Bitcoin’s dominance and the huge rally in altcoins signals froth as it indicates increased retail participation. DataTrek’s co-founder Nicholas Colas warned that history indicates the altcoin party may reverse direction sharply after Bitcoin’s dominance hits 40%.

Bitcoin broke above the downtrend line of the falling wedge pattern on May 8 but the bulls could not build up and start a new rally higher, as we had predicted in our previous analysis

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