Top traders make a strong case for why Bitcoin could drop sub-$3,000 by 2021

Top traders make a strong case for why Bitcoin could drop sub-$3,000 by 2021
фото показано с : cryptoslate.com

2020-3-23 18:00

Bitcoin’s recent rally may simply be a fleeting dead cat bounce that is ultimately followed by significantly further downside – a grim theory that is supported by multiple top cryptocurrency analysts.

The benchmark digital asset is currently caught within a bout of sideways trading that comes close on the heels of its recent rally to highs of $6,900 – which is around where it met significant resistance that halted its uptrend dead in its tracks.

It now appears that BTC’s recent bearishness has done such significant damage to its market structure that it could soon plummet by 50 percent or more, with two top traders laying out a compelling case for why further blood may be imminent.

Related: Low Bitcoin volumes and volatility signal uncertainty behind BTC’s latest rally Bitcoin struggles to hold key technical level as bulls and bears reach an impasse

At the time of writing, Bitcoin is trading up marginally at its current price of $6,200, which is around where it has been trading at over the past day.

This bout of consolidation comes close on the heels of its recent rally from $5,000 to $6,900, which was a sharp movement that led many analysts to begin flipping bullish on the crypto.

In spite of this, TraderXO – a well-respected cryptocurrency analyst and trader on Twitter who has amassed a large following – explained that Bitcoin’s 200-day moving average is a key level to watch in the near-term, with this technical level existing just a hair beneath BTC’s current price.

“BTC Few charts flying around pointing straight to 9k. Here is one scenario I’m looking at – Targeting 6k, then 5.5 and possible we retest 4’s. The key for me is if price can hold at the weekly 200MA if we were to retest the level.”

Image Courtesy of TraderXO This top trader is forecasting that BTC will see some massive downside

Although TraderXO seems to think that Bitcoin’s near-term downside target could exist within the $4,000 region, Pentarh Udi – a top cryptocurrency trader on TradingView who has been lauded by many prominent Bitcoin investors – offered a chart showing that BTC could soon dip as low as sub-$2,000 by the end of the year.

Image Courtesy of Pentarh Udi

While looking at the analysis outlined on Udi’s above chart, it does appear that Bitcoin is beginning to form a descending channel formation on a macro time frame, which may guide its price lower in the days and weeks ahead.

It is important to note that he does explain that this bearish scenario could be easily invalidated if Bitcoin propels above the upper boundary of this channel, which is currently around $10,000.

The post Top traders make a strong case for why Bitcoin could drop sub-$3,000 by 2021 appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68747.03 (-0.05%)
Объем 24H $41.397b
Изменеия 24h: -0.23 %, 7d: -3.52 %
Cегодня L: $66916.68 - H: $68910.37
Капитализация $1359.682b Rank 1
Цена в час новости $ 5793.99 (1086.52%)

bitcoin cat followed ultimately bounce significantly further

Источник: cryptoslate.com

bitcoin cat → Результатов: 53


Фото:

Dropgangs and Dead Drops: Report Highlights Evolving Darknet Market Opsec

Since the creation and subsequent takedown of the darknet marketplace the Silk Road, the hidden market ecosystem has exploded with inventive solutions that promote private voluntary exchanges. According to recently published darknet market (DNM) research, the cat and mouse game continues with vendors inventing new ways to bolster online black market activities.

2019-1-15 05:50


Биржа KuCoin сняла с торгов десять токенов

Сингапурская криптовалютная биржа KuCoin объявила об исключении из листинга десяти токенов из-за их низкой ликвидности. Об этом пишет NewsBTC. Этими токенами являются Bitcoin Gold (BTG), Jibrel Network (JNT), WePower (WPR), Modum (MOD), EthLend (LEND), STK (STK), Asch (XAS), Bread (BRD), BitClave (CAT) и Mobius (MOBI).

2018-12-28 12:08


BTC price analysis: If this mini bull run is a dead cat bounce, we might see $1200 bitcoin

If we go back in time to January 2018, when the price of the Bitcion had just reached its highest point, some people will remember the Tweet sent by Peter Brandt. This particular veteran financial expert was quickly blacklisted by Bitcoin’s cheerleaders and optimists, as he was then claiming that the BTC price would fall […] The post BTC price analysis: If this mini bull run is a dead cat bounce, we might see $1200 bitcoin appeared first on CaptainAltcoin.

2018-12-21 04:04


Фото:

The Darknet Cat and Mouse Game: Law Enforcement Gains More Traction

Since the dawn of the Silk Road and the myriad of darknet markets (DNM) that followed, it’s been a cat and mouse game between law enforcement and DNM vendors and users. Also read: Proof-of-Stake is a Rebranded Version of the Old Financial System Operation Bayonet For a while, after the Silk Road was taken down it […] The post The Darknet Cat and Mouse Game: Law Enforcement Gains More Traction appeared first on Bitcoin News.

2018-9-9 20:00


Фото:

Did Tether Trigger a Short Squeeze or a Dead Cat Bounce? (Bitcoin Price Analysis)

This time yesterday it appeared that all was lost, as Bitcoin price slipped within $100 of the current 2018 low. Then something unexpected occurred. Perhaps shorts got squeezed out of their loftily precarious positions or was it Tether’s newly minted $130 million USDT that saved the day? Bitcoin Price Market Overview Bitcoin  spent the better part of the day fighting off bears and the cryptocurrency managed to post an impressive 10% gain as it briefly Read More The post Did Tether Trigger a Short Squeeze or a Dead Cat Bounce? (Bitcoin Price Analysis) appeared first on Bitcoinist.com.

2018-8-16 13:00


Фото:

Russian spies reportedly paid with BitCoin to pay for the Democratic National Convention operation

Russian agents allegedly used Bitcoin to fund the DNC hack Among the many new details in today’s indictment (PDF) of 12 Russian intelligence officers for cyberattacks meant to interfere with the US presidential election in 2016, one in particular should stand out to techies: the defendants allegedly used Bitcoin to fund the operation. Cat and

2018-7-14 23:57


дальше еще 4 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

The case against BlackRock’s foray into Bitcoin

Bitcoin (BTC) received a much-needed boost when BlackRock, the world’s largest asset manager, announced its partnership with Coinbase to offer institutional clients access to BTC. The post The case against BlackRock’s foray into Bitcoin appeared first on CryptoSlate.