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.”
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.”
— 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.
Alex Kruger Believes Bitcoin Price Will Reach $50,000 By 2021
‘’Bigger picture, the upside is IMO considerably larger than the downside. Think $BTC will eventually break through $20K, in 2020 or 2021, and once it does, it should trade $30K, $40K and $50K fast. Must be long for when that happens, and enjoy the ride as others FOMO in.’’Currently, the price of the number one crypto assets is under resistance in the region above the $10,000 level and has settled in a range between $9,000 and $12,000. Kruger also noted the possibility of bitcoin dropping to $8,500 which is the midway point of the current performances for the year. Some other commentators stated that one of the reasons for the bitcoin retracement could be the CME futures gap. For Alex Kruger, filing the CME gaps is not a mere pointing to the absence of significant support or resistance as such price levels. The focus on the unfilled gapes just takes away from the never-ending trading activities occurring in the spot market. However, if bitcoin goes below the $9,000 price point, there is a chance of a huge fall to the $8,500 price mark. According to Kruger however, any further downward slide should be taken as a ‘’gift’’ or a buying opportunity which will help traders prepare for a fast upward movement beyond the current 2019 highs. While the signs all point for a bullish long-term for Bitcoin, Kruger believes that there are some strong headwinds for BTC. The profitability for miners is still high as long as the price of the number one asset remains positive. It will not be weird for miners to simply HODL not just for profits but revenue to be plugged in to cover the rest of the nodes as explained in the altcoin news previously.
Ethereum Could Climb Above $200 According To Analysts
- 4 hours RSI – The RSI for ETH/USD is currently near the 40 level, with a few positive signs.
- Major Support Level – $174
- Major Resistance Level – $200
What Drives BTC Below $10k This Summer: Analysis
Bitcoin Cash Is A ‘Wounded Animal’ Right Now: Analysts
“Looks as if it wants to pull a BTC like run soon. As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here,” he said on Twitter.https://twitter.com/CryptoDonAlt/status/1160645331262070790 Nearly all of the altcoin pairs have a potential, however, since the Bitcoin dominance is still so high, Bitcoin Cash is among the altcoins with the most potential, BCH can register gains and on a shorter time frame will apparently test resistance, as a prominent CNBC trader with a handle 'Big Cheds' noted. https://twitter.com/BigCheds/status/1160681244436381696 All in all, Bitcoin Cash is in our latest cryptocurrency news. Even though it is one of those controversial digital assets that often draws a lot of attention, it is also one of the main altcoins which deserves a place in the spotlight.
“BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of its market cap is the product of manipulation that will be impossible to meaningfully sustain," as described by the RT Anchor Max Keiser.https://twitter.com/maxkeiser/status/1160712205849059328
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