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Bitcoin

Analyst says Bitcoin is about to drop to $ 8,500 and subsequently to $ 7,000

According to an analyst, Bitcoin has to maintain the $ 9,300 to continue its bullish trend.

For Bitcoin to maintain its current bullish trend, it cannot miss the $ 9,300 price tag. This is according to a cryptocurrency analyst who has accurately determined some movements of bitcoin in recent months.

On Wednesday and early Thursday, Bitcoin finally broke more of its consolidation. It was not the explosive movement that many expected, but it is something.

Bitcoin is trading for $ 9,500 at the time of this writing, after it has gone from the $ 9,350 range to the local $ 9,570 high. The movement did not seriously influence volatility indicators, which remain at several-year lows.

Before this change, a trader said that if the BTC dropped to $ 9,300 it would enter a bearish moment:

“Close above that red line today ($ 9300) and I can reconsider my short-term bearish bias (medium-term selling pressure remains). Close below and I will consider reducing the more aggressive targeting of the green line ($ 8500) first and the green area second (~ $ 7000). “

As mentioned above, Bitcoin has risen decisively above $ 9,300, the level mentioned in the above analysis. The analyst has not yet made it clear whether his position has changed after the recent change.

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Bulls in control

The bulls are controlling Bitcoin after the latest price and fundamentals action.

Ki Young Ju, CEO of Crypto Quant, shared three trends indicating that the time is to buy Bitcoin. These trends are as follows:

  • Bitcoin miners are “HODLings”, with addresses linked to these entities apparently hiding many of their currencies.
  • According to data from Crypto Quant, there has been “no significant entry of whales on exchanges so far”.
  • “The reserve for all exchanges reached the lowest level a month ago and [manteve] that low level ”. This trend indicates that crypto investors are accumulating rather than selling their currencies. This is corroborated by Glassnode.

What further drives the bull market for Bitcoin are the U.S. financial stimulus measures to combat the coronavirus crisis. This week US Treasury Secretary Steven Mnuchin said in a comment that the next aid package will start with $ 1 trillion.

Source: bitcoinist

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