Bitcoin Could Plunge 50% with November-Like Dump amid Low Volatility: Analysts
发布时间：2019-03-14 15:10:56 发布人：TokenString
Bitcoin has struggled to cleanly break out of the $4,000 resistance level and remain above it for more than three months, staying in a tight range between $3,300 to $4,000.
If the dominant cryptocurrency fails to test $4,000 again and slips, traders foresee the Bitcoin price declining to the $3,300 to $3,500 range.
“$4,400-$4,500 area is where I intend to hedge if we go up. If break down, keep an eye for absorption below $3,330 (HTF liquidity pool). The $2,500-$2,850 area is where I start buying spot if no absorption and we break-down to new lows,” a trader said.
1-Month Bitcoin Price Chart (Source: Coinmarketcap.com)
But, if the Bitcoin price maintains its momentum at the current level and gradually climbs up to the mid-$4,000 region, analysts project a strong accumulation phase for the asset.
TRADERS ARE CAUTIOUS ABOUT BITCOIN
The valuation of the cryptocurrency market has recovered at a fast pace in recent weeks.
Since February 15, within a month, the cryptocurrency market has added $14 billion, fueled by the unforeseen rally of alternative cryptocurrencies and tokens.
Throughout March, low market cap tokens and cryptocurrencies have recorded massive single day gains in the 50 to 100 percent range, with assets in the likes of Enjin Coin and Groestlecoin surging off of high-profile product launches and strategic partnerships.
1-Month Enjin Coin Price Chart (Source: Coinmarketcap.com)
However, despite the newly gained momentum of the cryptocurrency market, Bitcoin has shown weak signs of upside price movement after failing to test $4,000 since early March.
According to Bloomberg Intelligence analyst Mike McGlone, technical indicators demonstrate an overall decline in long-term buying demand for Bitcoin, which could hinder the prospect of an accumulation phase in the upcoming months.
“The entire industry is ripe to resume a path to lower prices. Conditions are akin to November, just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting,” McGlone said.
However, the trend could alter in the near-term depending on the sentiment in the cryptocurrency market and the performance of tokens.
Bitcoin Technical Indicators (Source: Bloomberg.com)
eToro senior market analyst Mati Greenspan said that alternative cryptocurrencies are delivering “spectacular gains” as the market approaches the final leg of the crypto winter.
He emphasized that the performance of Bitcoin has not been poor throughout the past three months, relative to previous extended time frames.
Many traders in the cryptocurrency market are currently observing the price trend of BTC and are not definitively convinced that it is on its path to its 12-month low.
ascending triangle on the daily? say it isn't so
Bitcoin has struggled to cleanly break out of the $4,000 resistance level and remain above it for more than three months, staying in a tight range between $3,300 to $4,000.
If the dominant cryptocurrency fails to test $4,000 again and slips, traders foresee the Bitcoin price declining to the $3,300 to $3,500 range.
“$4,400-$4,500 area is where I intend to hedge if we go up. If break down, keep an eye for absorption below $3,330 (HTF liquidity pool). The $2,500-$2,850 area is where I start buying spot if no absorption and we break-down to new lows,” a trader said.
1-Month Bitcoin Price Chart (Source: Coinmarketcap.com)
But, if the Bitcoin price maintains its momentum at the current level and gradually climbs up to the mid-$4,000 region, analysts project a strong accumulation phase for the asset.
TRADERS ARE CAUTIOUS ABOUT BITCOIN
The valuation of the cryptocurrency market has recovered at a fast pace in recent weeks.
Since February 15, within a month, the cryptocurrency market has added $14 billion, fueled by the unforeseen rally of alternative cryptocurrencies and tokens.
Throughout March, low market cap tokens and cryptocurrencies have recorded massive single day gains in the 50 to 100 percent range, with assets in the likes of Enjin Coin and Groestlecoin surging off of high-profile product launches and strategic partnerships.
1-Month Enjin Coin Price Chart (Source: Coinmarketcap.com)
However, despite the newly gained momentum of the cryptocurrency market, Bitcoin has shown weak signs of upside price movement after failing to test $4,000 since early March.
According to Bloomberg Intelligence analyst Mike McGlone, technical indicators demonstrate an overall decline in long-term buying demand for Bitcoin, which could hinder the prospect of an accumulation phase in the upcoming months.
“The entire industry is ripe to resume a path to lower prices. Conditions are akin to November, just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting,” McGlone said.
However, the trend could alter in the near-term depending on the sentiment in the cryptocurrency market and the performance of tokens.
Bitcoin Technical Indicators (Source: Bloomberg.com)
eToro senior market analyst Mati Greenspan said that alternative cryptocurrencies are delivering “spectacular gains” as the market approaches the final leg of the crypto winter.
He emphasized that the performance of Bitcoin has not been poor throughout the past three months, relative to previous extended time frames.
Many traders in the cryptocurrency market are currently observing the price trend of BTC and are not definitively convinced that it is on its path to its 12-month low.
ascending triangle on the daily? say it isn't so
