Bitcoin News; According to analyst and crypto investor Alex Kruger, the key to the crypto market is the “Burry scenario”, which means the price drops to $24,000 with the breakout.
The Bitcoin scenario presented by investor Michael Burry made a series of tweets that he thought could come true. Alex Krugger tweeted on June 24, 2021, “This is one of the reasons why investors and funds are selling so many Bitcoins and the stable coin balances on the edge are so large. Look at the market, it’s pretty dead. It ended as a simple short spin yesterday,” he said.
Kruger describes the current market as ‘pretty dead’, noting that investors and funds are selling a lot and stable cryptocurrency buying volumes are increasing. He also noted that the trading day on June 23 ended with a short position squeeze, which meant further market declines. A short position squeeze means: It means that the price of the asset rises quickly as many traders have to close their positions.
According to analyst Kruger, the test for the decline has begun!
However, for a hard break and further declines, Bitcoin needs to be bullish and allow the longs to rise.
Kruger stated, for example, that similar results in the digital asset market in November 2018 and September 2019 supported my breakout periods.
In both years, money continued to flow into the market for a long time, previously the funding was very positive, now it is constantly negative.
Before the support level collapse in 2019, there was a long period of very high funding and a bull trap created by a 9% rise. In 2019, the support level at $9100-9000 was retested multiple times in the two months before the drop.
In 2018, two weeks of positive financing preceded the market decline. The initial support of $5700 was repeatedly retested nine months before it broke down caused by fundamental factors.
According to Kruger, the flow of assets to the market in 2021 has slowed since May 19. Bitcoin considers the initial support at $30,000 and $29,000 to have been under pressure for a month.