After soaring by double digits following Donald Trump’s election, Bitcoin and most altcoins have crashed and erased most of the gains made last year. Bitcoin price crashed below $80,000, while altcoins have done worse. This article explores some of the top crypto to sell after an expert warned of a BTC crunch zone.
Crypto to Sell After Expert Warned of a $72k Bitcoin Price Crunch Zone
Mark Cudmore, a Bloomberg strategist warned that the ongoing panic may lead to a 70% crash in its future. He expects that the coin will find some support between $72k and $74k. He added:
“The real panic may be ahead of us still. Bitcoin always has another 70%+ crash in its future, by construction. $72k-$74k would appear to be the technical crunch zone that might trigger the next crypto winter.“
This statement means that some investors may consider selling some cryptocurrencies like IOTA (IOTA), Solana (SOL), and Ethereum (ETH).
IOTA (IOTA)
IOTA price has crashed from $0.6361 in December to $0.1895 even as the network prepares for its rebased upgrade. The coin has crashed below the key support at $0.4188, the highest swing in March last year.
Worse, the coin is about to form a death cross pattern as the spread between the 50-day and 200-day moving averages cross each other. The ADX indicator, which is used to measure the strength of a trend, has risen to 36.
Therefore, the coin will likely continue falling as sellers target the support at $0.1038, the lowest level in 2024, down by 45% below the current level. This makes it one of the top crypto to sell to avoid further losses.
Ethereum (ETH)
Ethereum is another altcoin to sell. It has formed a death cross pattern on the daily chart, risking more downward momentum. ETH has also moved below the key support at $2,150, the neckline of the triple-top chart pattern around the $4,000 resistance level.
A triple top is made up of three peaks and a neckline and is a popular reversal sign. More downside is confirmed when it moves below the neckline. The distance of this triple-top pattern and the neckline means that the Ethereum price may crash to near $1,000.
Solana (SOL)
Solana is another top crypto to sell ahead of the crypto winter. It has become a toxic asset as the top Solana meme coins have crashed, leading to substantial losses. SOL price has dropped below the support at $170, the lowest swing on January 13. It is also about to form a death cross pattern, pointing to a further downside. The key level to watch will be at $110, the lowest swing in August, followed by $100.
Other Altcoins to Sell
The other crucial crypto to sell are Solana meme coins like Fartcoin, Melania, and Peanut the Squirrel, and Goatseus Maximus.
The post 3 Crypto to Sell as Bloomberg Expert Warns of a Bitcoin Price $72k “Crunch Zone” appeared first on CoinGape.
