The movement of Bitcoin this month was an everyday topic in the latest cryptocurrency news. Because of its bearish nature, leading analysts across the board now claim that the cryptocurrencies are in their bull run. However, once the Tether and Bitfinex exodus came to light, the entire situation flipped, showing that Bitcoin may collapse and a lower move may be very likely.
The popular analyst Nick Cote was featured in the coming altcoin news where except for altcoins, he talked about Bitcoin’s performance. According to him, BTC first broke under “its range trend line” and the RSI reading has begun trending lower which signifies that bulls re losing grip of the market. Core did not have a precise Bitcoin prediction but he said “make your bull case, I am listening” in an evident attempt to quash optimists’ hope and ignore his prediction that Bitcoin may collapse.
Bearish engulfing on 3D, range TL broken, Stoch RSI cross down, Tether uncertainty
— Nick Cote (@mBTCPiz) April 26, 2019
However, Cote was not the only guy thinking that Bitcoin may stumble. HornHairs, which is another well-known trader, noted that in the past five years, Bitcoin has seen a variety of bearish RSI divergences. As HornHairs believes, Bitcoin may collapse because right now it is seeing the sixth technical trend leading to this. This is notable according to him because on average, Bitcoin fell by 44.25% after the divergences were confirmed. For some perspective, such drop would place BTC at around $3,000.
In the past 5+ years, there have been only 5 accounts of a bearish RSI divergence on the 2D chart
Today will mark the 6th
The average drawdown AFTER the confirmation of those previous divs before a significant bounce/reversal was -44.25% pic.twitter.com/zXsddqrWyu
— HornHairs 🌊 (@CryptoHornHairs) April 26, 2019
As reported yesterday, the trader Financial Survivalism also thinks that Bitcoin may collapse. The factors that he laid out are almost identical to the early-December inversion. So if history followers, Bitcoin may be poised to see a $1,000 pullback and get in the $4,200 range.
However, there were also analysts which ditched the indicators that Bitcoin may collapse and tried to stay hopeful. Josh Rager was one of them featured in the altcoin news but also saying that Bitcoin could rally to $6,300 in the near future and meet a level of key resistance in spite of the Bitfinex debacle.
Bitcoin has had a lot of ups and downs over the past months but now managed to establish a safe zone in the $5,000 region.
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