In another series of sell-offs, the Bitcoin news today show the most dominant cryptocurrency falling (again) by 10% and reaching $3,687 at press time. Given that the drop was kind of unexpected and fast, analysts are now questioning if the series of drops on the market could translate to a new yearly low.
As a reminder, Bitcoin established a yearly low for 2019 somewhere around $3,122 (December 15th, 2018). If the price of BTC drops one or a couple more times and falls below $3,122, we will see a low that we haven’t since 2017.
The intense sell-off led the Bitcoin price to drop further. According to the prominent analyst and trader Alex Kruger and his latest Twitter statement:
“What a majestic dump. BTC back to my buying area of 3500-3600. Below $3,300 exit and reassess. I’d like to see BTC ending the day above $3,700. Consolidation below $3,600 (bottom of prior area) would tilt the balance towards further downside.”
“The Crypto Dog” was also viral with his statement about the new lows for Bitcoin. As he tweeted:
“Not setting heavy bids but I would like to see BTC at $3,400 and ETH at $115. No reaction there and I think new lows are on the table. Nothing to stress about, all par for the course, cycles matter, long Bitcoin (without leverage) and continue shorting the banks they’re REKT.”
Cryptocurrencies with lower market caps have recorded substantially larger drops than BTC and ETH throughout the past week. For example, Cardano (ADA), Stratis (STRAT), ICON (ICX) and Bitcoin Cash (BCH) have all fallen by more than 10%, with Cardano recording the biggest low of 19% on the day.
Bitcoin Goes Below And Above $4,000 Again: What’s Causing This Fluctuation?
- Hourly MACD – The MACD is slowly moving in the bullish zone, with a positive bias.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher, but it is still well below the 50 level.
- Major Support Levels – $3,950 followed by $3,920.
- Major Resistance Levels – $4,000, $4,020 and $4,060
Bitcoin (BTC) Is Likely To Surge To $400k, According To Prominent Analyst
“$BTC Weekly Chart. Gandalf is holding $BTC below the mid $4,200 level. Bitcoin shall not pass the current resistance. So my target for the next drop has an aim at previous support near mid $3,500s,” he explained.https://twitter.com/Josh_Rager/status/1108205671659569152 Another chief market analyst at Think Markets UK named Naeem Aslam, also spoke about the key importance of the $4,000 level, noting that it will set a trend for which direction the markets could head next. As he said:
“Questions are being asked constantly when it comes to Bitcoin’s battle with the $4000 mark. The result of this battle sets the tone for a bullish or bearish trend. This price level has become a matter of death or life for crypto traders.”Aslam also believes that Bitcoin could eventually surge as high as $400k, even though the current price indicators don't show that. He explained:
“I personally believe that each Bitcoin can go up as much as $400K and if history repeats itself, this number is not a fool’s paradise. This is a simple math calculation: approximate percentage projection of the price which we experienced during the last bull run.”Another popular figure in the crypto industry named Ryan Selkis, spoke about the absurdity of purchasing a bottom in times when BTC has a massive potential. As he tweeted:
“I’d be extremely surprised if the bottom wasn’t in for this $BTC bear market. If you’ve been on the sidelines, what are you waiting for if not now? If you’re a long-term bull, the 5 year EV is 25-50x, and you’re going to wait to time an entry that’s 20% more attractive?”https://twitter.com/twobitidiot/status/1108520333039058944
Most Cryptocurrencies Report Slight Losses, Bitcoin Cash Grows Continuously
Analysis: Bitcoin Finally Pushes Over $4,000 As Other Cryptos Experience Growth
Join us on Facebook
- Latin E-Commerce Giant Mercado Livre Bans Cryptocurrency Ads On Their Website
- Further Delay For Bakkt’s Plans Because Of Regulator Approval
- Warning: Fake Wasabi Wallet Appears On The Market
- Ex-CEO Of Crypto Startup AriseBank Pleaded Guilty Of Defrauding Investors For $4.2 Million
- Crypto Law Consultation Period Officially Started By The Swiss Federal Council
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Blockchain News1 day ago
Postal Carrier Giant UPS Rolls Out A Blockchain Platform For Merchant Supply Chains
Bitcoin News5 days ago
Block.one CEO: Bitcoin Will Replace Gold As The Leading Commodity
Blockchain News4 days ago
Ledger Nano S Wallet Receives First Level Security Certificate From French ANSSI
Blockchain News5 days ago
Winklevoss: Crypto Will Bring Something Better Than The Social Networking Era
Blockchain News5 days ago
Australia Unveils National Blockchain Strategy Roadmap With A $71,200 Funding Boost
Blockchain News3 days ago
Binance Launched Completes Another Successful Token Sale Of Celer Network
Altcoin News4 days ago
New Report Shows That Bithumb Is Laying Off 50% Of Its Staff
Blockchain News4 days ago
Craig Wright Filed 114 Blockchain-Related Patents Since 2017: TNX Report