The crypto market looks pretty mixed today with some coins trading in the green and other altcoins, in the red.
At the moment of writing this article, Bitcoin is trading in the green and the king coin is priced at $9,462.36.
A few days ago, Bitcoin was getting ready to retest the important psychological level if $10k, but the coin saw a significant drop in price.
Bitcoin could see a massive pullback
It’s been revealed that Bitcoin is about to see a major pullback according to a widely-followed crypto analyst.
Momentum on the Gaussian channel about to turn down. Expecting at least 18 weeks of red…. pic.twitter.com/P3fLq7559h
— dave the wave (@davthewave) June 9, 2020
Dave the Wave said that Bitcoin seems to be losing its bullish steam as the king coin is struggling to convincingly take out the diagonal resistance that was keeping the market in a downtrend since 2018.
He explained that the Gaussian channel has historically appeared to signal the formation of a base.
According to the online publication the Daily Hodl, “assets often establish a solid base once buyers are willing to step in and set the stage for the next leg up.”
Dave the Wave is expecting BTC to fall below $7,000.
Gaussian tends to go red near a year after the peak. Further supporting the idea of lengthening cycles…. pic.twitter.com/1AdyLjO2oY
— dave the wave (@davthewave) June 9, 2020
Miner capitulation is finally over
There have been all kinds of optimistic predictions regarding the price of BTC following the halving and it’s been also revealed that something essential took place – the much-feared miner capitulation.
The latest reports show that the much-feared post-halving miner capitulation – that has been blamed for massive sell-offs in the past is now over as miners began to favor accumulation these days.
Blockchain analytics platform CryptoQuant said that its Miners’ Position Index fell.
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