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Over the previous couple of days, Bitcoin (BTC) has actually revealed indicators that all-time low remains in.
For example, famous investor Filb Filb kept in mind in a current e-newsletter that the cryptocurrency jumped off the “miner’s base,” the rate at which the typical cryptocurrency recover cost when mining BTC. This is remarkable as the crypto market bottomed when Bitcoin engaged with the miner’s base in December 2018. That’s and also that the rate graph published a location of supposed favorable aberrations at the $6,500 degree.
In spite of these favorable indicators, one prominent expert has actually said that there is little to be favorable around, although that the cryptocurrency has actually been keeping over $7,000 for the previous couple of days, which some state signifies favorable loan consolidation.
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NebraskanGooner, a consultant to Glassnode and also creator of cryptocurrency exchange Degree Invest, recently noted that he’s not “seeing a lot to be favorable regarding and also I won’t rule out $4,200 in the long term.”
Backing his point, he remarked that the one-day on-balance volume indicator, which is an indicator of underlying market activity, has printed a bearish double-top, and that BTC has formed a bearish flag pattern that implies a continuation to the downside will occur.
I’m not seeing much to be bullish about and I will not dismiss $4200 in the long-term
If $6.9k area is unable to hold then $6.3k area will be visited. $6k support could fall right through as it didnt provide resistance on the way up, but seems more likely to bounce there pic.twitter.com/KWkQjAx9qy
— NebraskanGooner📈 (@nebraskangooner) December 9, 2019
Nebraskan’s analysis that Bitcoin is in a massive bearish flag/pennant has been corroborated by CryptoHamster, a popular cryptocurrency trader whose work NewsBTC has covered in the past.
This analyst also noted that BTC’s price is showing signs of weakness, almost as if it wants to replicate the move from the $9,000s to $6,600 again. Hamster’s flag suggests Bitcoin will reach $4,600 in the coming weeks, which is similar to Nebraskan’s target of $4,200.
— CryptoHamster (@CryptoHamsterIO) December 10, 2019
It isn’t only that. Per previous reports from NewsBTC, Bitcoin’s current price trajectory is looking “amazingly similar” to how the cryptocurrency was trading in May and June of 2018, which was in the middle of the strong downturn that took BTC to $3,000.
An analyst named James noted that in both cases, Bitcoin was rejected by horizontal resistance at $9,500, the price has found itself stuck between $7,800 and $5,700, and the RSI has entered into a “bear market zone.”
Should history repeat, Bitcoin may find itself heading back under $6,000 again, then $5,000, and maybe even under $4,000.
Amazingly similar spot we find ourselves in compared to May/June 2018.
If history were to repeat… pic.twitter.com/rSbtPWhpFl
— James (@coinzada) December 8, 2019
But What About the Bottom?
While there are these harrowing signs, there remain some sure that the bottom is truly in.
Adaptive Capital’s Willy Woo, a popular on-chain metrics analyst, noted on Dec. 7 that a proprietary indication his fund uses is implying that the usage of the Bitcoin network is implying that bulls will soon gain the upper hand again:
“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view.”
Woo later doubled down on this opinion, writing that he only makes tweets about market opinions that he is seriously convicted of, as making the wrong call puts his and his fund’s reputation potentially on the line.
There’s also been an analyst named “CL,” who recently posted the chart that can be seen below. In it, he depicts that Bitcoin’s long-term $6,300 Point of Control (POC) — a price at which an asset saw the most trading task—was front-run by investors during the drop to $6,500.
While there is no guarantee that cryptocurrency bears will certainly push the cryptocurrency to actually test the POC in and also around $6,300, which is now 15 percent lower than Bitcoin’s current rate, a comparable pattern of “front running” the POC was seen throughout the $3,100 base of December 2018.
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Included Photo from Shutterstock
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