Bitcoin Might No Longer Be Poised For A Bullish Reversal, Says Crypto Analyst
The crypto market suffered a strong correction recently, but the optimistic predictions regarding Bitcoin’s price did not stop because of this.
Now, a cryptoanalyst who predicted that Bitcoin’s recent drop would take place said that he is no longer so convinced that BTC will see a bullish trend soon.
Back in September, the analyst known as Crypto Cal told his 3,300 followers that BTC would surge again after the latest drop.
I think I've formed an opinion on $BTC
Within the meme triangle we've seen 6 taps of $9.6k region and longs outweigh shorts by 2.25x – therefore there is a lot of liquidity beneath these lows.
I think we see $7.5k – $8k before a vicious reversal & continuation of uptrend pic.twitter.com/3UhaZENMtQ
— C▪️ (@MacroCRG) September 22, 2019
Now, he said that there is no evidence to support such as a boost in price and he also highlighted the fact that he is expecting a short-term return to BTC’s lown from February of 2018 at around $6,000.
“I literally can’t find any bullish arguments for BTC here. Breaks down from a 4-month structure into a clear bear flag. I think it’s inevitable we see fresh lows. February 2018 lows are begging to be tapped in my opinion,” he said.
Analyst Josh Rager seems to agree, and he said that he’s bearish these days:
“[Bitcoin is] currently ranging in between but with the inability to close back above $8,375 area after that fake-out to $8,800 and lack of volume. Leaves me feeling more bear biased,” he said.
He concluded by saying: “Sorry, there’s no reason for me to feel bullish anytime soon until this range breaks up.”
Bitcoin to unite people in a global economy
There’s been another optimistic prediction about Bitcoin these days.
Tim Draper says Bitcoin is able to do a lot more than upend banking, finance, and real estate.
In a brand new post on Medium, he said that BTC could transform government by breaking down walls and tribes and unite people into a seamless global economy.
Draper said the following: “Bitcoin made it clear to us all that we can all share in the same global economy with the same basic values using a unifying global currency.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.