On Friday, the Bitcoin market (BTC) turned the worst. The leading cryptocurrency, as reported by this outlet, rose in just a few hours from $ 9,250 to $ 8,700, with the cops out of steam.
While declining pressure ceased, Bitcoin found short-term support at $ 8,850. The downtrend has come to an end. Analysts have claimed that the cryptocurrency market remains on ice. They claim that it may only be a matter of time before bears push the crypto down to the low $ 8,000 and perhaps even lower.
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Bitcoin Could Continue Slipping, Warn Analysts
The popular Twitter analyst Neko noted Recently Bitcoin's short-term 4-hour candle chart remains rather bearish. In a recent tweet, he noted that "Bitcoin's bullish volume is extremely weak" and that BTC has broken key support at $ 9,000, implying a further decline. He added that a decline to the $ 8,000 region was possible due to the usually "bloody" assembly.
$ BTC H4-Short Term
The price action with $ XBT [19459011gefielihmimmernochnicht].
– Bullish volume looks extremely weak, I still expect a decline
– Bloody Mondays are typical, which would coincide with this further decline
– HTF I'm still bearish, not as much as before, but still bearisih pic.twitter.com/hp6l6VyTWF
– NekoZ (@CryptoNekoZ) November 9, 2019
Neko is not the only analyst who expects more pain. Bloomberg reported that it is likely that the work will find a strong bearish sequel in an article titled "Bitcoin's Break Below $ 9,000 Risks Erasing Xi-Inspired Rally." Bloomberg wrote in relation to the following chart:
The GTI Vera Convergence Divergence Indicator shows a narrowing A gap between the signal and the vera line indicating a trend change could emerge. In this case, according to comments by China's President Xi Jinping in October, the largest digital currency could re-test the lows before its rampant run.
In other cases In other words, when the bull trend changes, BTC is likely to fall back to $ 7,300. In this case, Bitcoin was traded before Chinese leader Xi praised the blockchain in a political environment.
Peter Schiff, a prominent gold bow, has thrown his weight behind this feeling. After the crash on Friday, Schiff wrote, "It looks like the Bitcoin pump is finally over," and added that we should prepare for the dump. Ship did not stop here. He later wrote that "Bitcoin will never reach $ 100,000", apparently destroying the hopes and dreams of industry hopefuls.
While Schiff did not explain his rationale in this last tweet, he was quoted as saying that BTC is an unreliable store of value and an inappropriate investment, especially if it is set against precious metals.