The famous crypto money trader and youtuber Eren Caner continues their youtube videos from where they left off. In his video, which he released yesterday, Caner, together with Icrypex Quantitative Analyst Ozan Kara, discussed the reasons for the fall of Bitcoin and possible scenarios.
Starting his video with the causes of the Bitcoin fall, the trader then left the floor to Ozan Kara. Analyst Kara made the following statements:
“The rising trend on the technical side broke down, but the main reason for this is that the US exchanges are coming back very negatively. This happened most recently on March 12, when the US stock exchanges came too far back, Bitcoin also experienced its historical decline. Now there is a similar process to it. While S&P 500 is experiencing one of its most important decreases, Bitcoin was also affected by this situation.
For this reason, Bitcoin had positively separated from the correlation that started on March 12, leaving the stock markets behind, but now we see that the correlation has reached an important dimension; For this reason, I think it is necessary to follow the US stock markets and especially the S&P 500.
Although it is a bad thing to drop with the US stock exchanges, we see that the asset has entered the financial market and is integrated. These are indicators that show that corporations hold Bitcoin in their funds. In the long run, this is a good sign. ”
Eren Caner: Bitcoin is Now a Financial Instrument
Cryptocurrency analyst Ozan Kara said that the resistances are very close to each other and talked about the effects of this situation.
Trader Eren Caner expressed his striking prediction by making the following statement:
The strongest support area I have seen is the $ 7750- $ 7500 region. I hope we won’t be there.
Stating that Ozan Kara agrees with this view; He also said that his estimate could be retracting up to $ 7300. The analyst also stated that there is an important support area of $ 8600 in the meantime and he expects to retreat to the $ 7300 levels in the possible scenario.
Famous trader Eren Caner and cryptocurrency analyst Ozan Kara added that it would be healthier for investors to follow the analysis on a daily basis.