Bitcoin (BTC) has been trading with a tight trading range around $8,000 for the past week. The most dominant cryptocurrency failed to incur any significant momentum in either direction which may illuminate its near-term trend. In the Bitcoin news today, we have one gold bull who thinks that BTC is positioned for a dip to the $2,000 levels.
The prominent gold bull and an outspoken Bitcoin critic is now noting that multiple technical formations are all pointing to the possibility that Bitcoin is currently positioned for a movement towards $2,000. However, a lot of crypto-focused analysts are disrupting his analysis and claim that it ignores important factors that drive BTC’s price action.
At press time, the cryptocurrency news show that Bitcoin is trading up slightly and is at its current price of $8,040. This marks a slight recovery from the recent lows of $7,900 that were set overnight during a fleeting downwards movement that was quickly bought up by BTC’s bulls.
We are talking about Peter Schiff, known to be a prominent gold bull and a frequent critic of Bitcoin and other cryptocurrencies. As Schiff explained in a tweet, the recent downwards flag break below $10,000 and a potential head and shoulders top could be pointing to a movement towards $2,000.
“The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $6K, but we are close to completing the right shoulder of a head and shoulders top, with a $14K head, and neck line just below $8K, that projects a collapse to below $2K,” he said in a recent tweet.
The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $6K, but we are close to completing the right shoulder of a head and shoulders top, with a $14K head, and neck line just below $8K, that projects a collapse to below $2K!
— Peter Schiff (@PeterSchiff) October 19, 2019
A further drop towards $2,000 is now highly unlikely and bears some sort of trouble – indicating a potential shift for Bitcoin or the aggregated crypto markets. However, some analysts do believe that the cryptocurrency is poised for a movement down towards $6,000 before it finds support to hold on to.
Analysts like the gold bull Peter Schiff do not offer any significant insight into future price action. Josh Rager, who is another analyst, pointed out to this fact while replying to Schiff’s tweet and said:
“Imagine believing that you can actually predict the price of Bitcoin on high time frame charts by using H&S patterns.”
https://twitter.com/Josh_Rager/status/1185453953477238784
Even though analysts are split on whether BTC will visit $6,000 or not, even bearish analysts think that this will be a region of significant support which propels the cryptocurrency higher.
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