The broader market selloff has wiped $146 billion off of the cryptocurrency market in the last three weeks alone. The majority of the top ten coins posted a double-digit decline in the previous week. Cardano (ADA) and Bitcoin (available on Coinbase) Cash (BCH) were among the biggest losers. Both coins lost 25% of their value last week. Ethereum (available on Coinbase) (ETH) was the third biggest loser followed by Stellar (XLM) and IOTA (MIOTA).

The market participants and technical analysts, on the other hand, are seeing the extension of the bearish trend into this week.

Willy Woo, the technical Bitcoin (available on Coinbase) expert who has 63K followers on his Twitter account, predicts the continuation of the bearish trend for Bitcoin (available on Coinbase) price and the rest of the digital currencies. The technical expert claims that Bitcoin (available on Coinbase) price could bottom in the range of $5,500 in June and he has four reasons to support his price prediction.

High NVT signal
High volatility
Standard NVT overly high
Volume Profile cliff below $6,800

Willy further added, “I don’t necessarily think we’ll fall through the 5000s… sure it’s a possibility, but it doesn’t have to. It’s not a repeat; it’s not Mt Gox and Willybot pushing up the price with faked orders, we aren’t detoxing from a scam bubble. Technically $5000s is a very sTron (available on Binance)g support band.”

Although Bulls have criticized Willy Woo’s price bet, the majority of the technical analysts are supporting his price prediction.

Tradingview analysts, who based their price calls on moving averages and oscillators, don’t see positive momentum for this week. Twelve out of 26 analysts support a selling strategy while eight recommend holding and only 6 make a buy call.