Bitcoin and Altcoins Fischer Transform Indicator Flips Bearish for First Time Since 2021
Technical expert Tony Severino has indicated that the Fischer Transform indicator for Bitcoin and altcoins has turned bearish for the first time since 2021. This shift suggests potential declines in these crypto assets.
Key Developments
- The total crypto market cap's 12-week Fisher Transform has flipped bearish, mirroring patterns seen in previous significant drops of 66% in 2021 and 82% in 2018.
- Severino noted that this indicator is reliable in identifying market turning points.
- He predicts a possible crash for Bitcoin and altcoins, citing that recent indicators show fading bullish momentum.
- He warned that BTC could drop to $22,000 if a sell signal emerges.
Alternative Viewpoint
Analyst Kevin Capital believes Bitcoin is in a correction phase but expects it will end soon. He emphasizes monitoring macro fundamentals and overall spot volume for future price movements.
Currently, Bitcoin is trading at approximately $83,000, reflecting a 1% increase over the last 24 hours.
