Not everything is flowing with milk and honey in the latest cryptocurrency news these days. According to some prominent experts in the crypto space, Bitcoin may be extending its losses in the four-digit region. The latest updates show that analysts see Bitcoin en route to $7,600 in a similar bear market like the one we saw last year.
The Bitcoin and altcoin news have showed a significant amount of pressure from sellers lately, something that has driven BTC’s price to below $10,000 and put the cryptocurrency’s recent bullishness in grave jeopardy.
So, the analysts see Bitcoin in a similar fractal pattern to the one that occured through the course of the 2018 bear market. They think that such pattern is currently unfolding, which could mean that BTC is heading towards $7,600 in the near future.
At the time of writing, Bitcoin is down by a couple of percents and has a current price of $9,700, which proves that it is down significantly from its previous day highs of nearly $10,400. This is why analysts see Bitcoin in the red over the next couple of days and weeks.
“$BTC looks to be creating lower-highs and lower-lows on the daily chart. Marked are the open and support areas based on the weekly chart with previous support possibly flipping to resistance. If confirmed, watching the next weekly support at $8975 as a potential target.”
$BTC looks to be creating lower-highs and lower-lows on the daily chart
Marked are the open and support areas based on the weekly chart with previous support possibly flipping to resistance
If confirmed, watching the next weekly support at $8975 as a potential target pic.twitter.com/yG2WO2yrzX— Josh Rager 📈 (@Josh_Rager) July 23, 2019
Other analysts see Bitcoin in a similar fashion. Chonis Trading, who is another popular crypto analyst often featured on many best cryptocurrency news sites, said that a fractal pattern to $7,600 is very much possible, stating:
“$BTC – If the 2018 Bear market ‘fractal” continues to play out in a obviously similar pattern to today then #bitcoin is on its way to Number 8.”
$BTC – If the 2018 Bear market ‘fractal” continues to play out in a obviously similar pattern to today then #bitcoin is on its way to Number 8 pic.twitter.com/O9o4c5jwpM— Chonis Trading-⚔️ (@BigChonis) July 22, 2019
Even though at this point it remains unclear as to whether or not this pattern will be actually validated in the days and weeks ahead, analysts see Bitcoin in the red mainly because of its previous performance. For now, it does seem to be certain that Bitcoin will continue facing strong selling pressure in the near future.
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“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 said.There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion. It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too. At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.
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“Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.
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