Bloomberg Issues New Bitcoin Price Alert – Crypto Analyst Doesn’t Agree

The crypto market is showing some green today with the most important coin in the market trading in the green.

At the moment of writing this article, BTC is priced at $7,170.05.

BTC at risk for further fall?

Bitcoin seems to be at risk of a major decline following a recent dip below $7,000, according to a new analysis.

New tech analysis shows BTC’s next line of support at $6,500.
BTC may find buyers around the level according to the reports coming from Bloomberg.

If the leading crypto breaks beyond this line, BTC is at risk of a move down, and it can reportedly go as down as $4,000.

Bloomberg based its analysis primarily on the fact that BTC has been consistently posting lower lows, and said that BTC has not likely hit a bottom yet.

bitcoin resize md - Bloomberg Issues New Bitcoin Price Alert – Crypto Analyst Doesn’t Agree

It’s not panic time yet

Meanwhile analyst and founder at Quantum Economics, Mati Greenspan said that it’s not time to push the panic button.

Greenspan says Bitcoin’s fall below $7,000 is nothing new, and the most important coin in the space could sink to about $5,800. But even if this were to happen, it would not change its long-term bullish trajectory.

“Saw a few people panicking. Please don’t the price was here less than a month ago…Any movement within this range is irrelevant in the long run,” he said.

The best buying time is around the corner

Earlier today, we reported that the best buying time for BTC might be around the corner.

You may also recall that Vays has been really bearish on BTC all over 2019. He just said that he believes that BTC will be hitting a bottom before the next halving, which is set to take place in May 2020.

“If you prepared for this BTC low, it should be the best time to ‘buy the dip’ for years to come…”  he said.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

2381 Articles

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