The Bitcoin and crypto market in general have witnessed significant decline over the past couple of weeks. Most of the major altcoins have incurred intense downtrend, erasing a notable amount of gains made throughout the beginning of 2020.

However, most of the major coins are now nearing critical support levels that could trigger a massive relief rally. These support levels also seem to coincide with a massive pennant that the total crypto market cap has been engulfed in. As a result, prominent analysts have noted that the market could be preparing for something huge.

Crypto Michael, a notable crypto trader, spoke about the market in one of his recent tweets.

If the markets make one more further drop south (and we lose these levels), I’d be watching 190-195$ for $ETH and $7,500-7,700 for $BTC.



Think we also should see some relief in the equities markets after such a terrific week. — Crypto Michaël (@CryptoMichNL) February 28, 2020

Michael explained that he is anticipating Bitcoin and some major altcoins to drop slightly further before they find strong support. He is also expecting to see some relief in the equities market after such a terrific week.

Another prominent trader known as Murad also sides with Michael. He recently published a very interesting chart on the total crypto market cap.

Very interesting dynamic on the TOTAL chart. There seems to be a generational pivot precisely at the intersection of the two most important diagonals on the entire chart dating back to the ATH.



Could BTC be coiling in preparation for something huge? pic.twitter.com/BNwuRs8Bo6 — Murad (@MustStopMurad) February 28, 2020

He noted that, it appears there is a generational pivot precisely at the intersection of the two key diagonals on the entire chart which dates back to the all-time high. This shows flags that the BTC market could be preparing for something massive.

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