It’s “Do or Die” For Bitcoin: Here’s Why Analysts Think So

It’s “Do or Die” For Bitcoin: Here’s Why Analysts Think So
фото показано с : newsbtc.com

2020-8-12 13:00

After peaking at $12,000 this weekend, Bitcoin dove off a cliff, plunging to $11,300 as of this article’s writing. The cryptocurrency followed the price of gold lower, which is down around 7% in the past 24 hours.

Bitcoin is still holding above the pivotal $10,500 level but analysts say that the asset is in a “do or die” position. BTC failing to hold current levels could precede a strong leg lower, potentially kickstarting a full-blown bear trend.

BTC’s recent price action has not impressed investors, who noted just days ago that the cryptocurrency was poised to see new year-to-date highs.

Related Reading: “Rich Dad Poor Dad” Author: Bitcoin Could Soon Become the “Fastest Horse” Bitcoin Is in Make of Break Territory, Say Analysts

According to a cryptocurrency trader, Bitcoin is currently in make or break territory as it slides towards the ever-important $11,000 support. Referencing the chart below, which shows that BTC is effectively on the edge of a cliff, the trader in question wrote:

“Starting to look pretty bad, but given we’re still above $11k and around support, it’s not all over yet. Bulls really don’t want to see these levels fall otherwise it’s a short way back in the old range. This is do or die IMO so bulls better do. I’m still leaning bearish.”

Chart of BTC's price action over the past few weeks with a range analysis/price level analysis by trader DonAlt (@CryptoDonAlt on Twitter). Chart from TradingView.com

Bitcoin bouncing here, though, could indicate that the cryptocurrency remains in a macro uptrend.

Other analysts are especially eyeing the $10,400-10,600 region. That region acted as a point at which three separate BTC rallies have topped in the past 12 months: one in October 2019, one in February 2020, and one just months ago in June.

Bitcoin losing that level would not be good for the bull case, to say the least.

Related Reading: Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano’s Shelley Launches Long-Term Bull Case Still Intact

While Bitcoin’s price is exuding weakness in the near term, analysts are certain that the long-term bull case is intact.

Dan Tapiero, the founder of Gold Bullion Int. and a prominent Bitcoin bull, recently commented that the cryptocurrency is poised to go parabolic this cycle:

“Tremendous long term Log Chart of #Bitcoin projects up 5-10x on this run. Just breaking up NOW. Should last a few years as 2.5yr consolidation is fantastic base for catapult up. Break of old highs will have explosive follow through. Time to sit and be patient.”

Tremendous long term Log Chart of #Bitcoin projects up 5-10x on this run.

Just breaking up NOW.

Should last a few years as 2.5yr consolidation is fantastic base for catapult up.

Break of old highs will have explosive follow through. Time to sit and be patient.

H/T @RaoulGMI pic.twitter.com/08bIpZ6i9h

— Dan Tapiero (@DTAPCAP) August 11, 2020

This strong sentiment has been echoed by other market participants, including many in and out of the cryptocurrency space.

Related Reading: How U.S. Restrictions on Wechat & Other Chinese Brands Could Boost Crypto Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com It's "Do or Die" For Bitcoin: Here's Why Analysts Think So

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95874.68 (+0.35%)
Объем 24H $41.187b
Изменеия 24h: -1.53 %, 7d: -7.09 %
Cегодня L: $95217.68 - H: $97458.26
Капитализация $1898.291b Rank 1
Цена в час новости $ 11595.78 (726.81%)

bitcoin cryptocurrency followed writing price gold past

Источник: newsbtc.com

bitcoin cryptocurrency → Результатов: 126


Bitcoin Champion Max Keiser Blasts Argentinian President’s Crypto Stance

Argentina and El Salvador, both facing economic struggles, are taking vastly different approaches to cryptocurrency. While El Salvador became the first country to adopt Bitcoin as legal tender in 2021, Argentina’s new president, Javier Milei, is taking a more measured route, prioritizing regulation and differentiation between the crypto and the broader cryptocurrency landscape. Bitcoin Distinction […]

2024-4-3 20:00


Market Dynamics Point To Potential Cryptocurrency Surge As Traders Get Set For Another Bitcoin Pump

Cryptocurrency traders are accustomed to Bitcoin and other assets charting their own course, often independent of traditional stocks and industries. However, recent highs in the S&P 500 and gold markets are generating a buzz within the crypto community, with many anticipating a positive divergence that could drive BTC and altcoins […]

2024-3-29 07:58


Bitcoin needs to step aside, the next Bitcoin with a real product is here

Bitcoin (BTC) is the first and largest cryptocurrency by market cap. However, the cryptocurrency landscape has greatly evolved since its creation in 2009. And Bitcoin Spark (BTCS), a new crypto project with a real-world product, is challenging Bitcoin’s supremacy by paving the way for a new era of cryptocurrency use cases. Bitcoin news BlackRock (BLK) […]

2023-8-17 04:10


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Decline Continues: Are Bulls Losing Control?

Bitcoin price extended losses and traded below the $100,000 zone. BTC is struggling and might continue to move down toward the $92,000 support zone. Bitcoin started a fresh decline from the $102,000 resistance zone.

Bitcoin Price Struggles at $100K: Is The Rally Losing Steam?

Bitcoin price struggled to clear the $102,000 resistance zone. BTC is correcting gains and might test the $97,500 support zone. Bitcoin started a downside correction from the $102,000 zone. The price is trading above $98,000 and the 100 hourly Simple moving average.

Bitcoin Price Dips Again: Is The Momentum Shifting?

Bitcoin price started another decline and traded below the $98,000 support. BTC dipped toward the $95,000 level and is currently correcting losses. Bitcoin started a fresh decline below the $98,000 support zone.