Srp 17

3 Reasons Why Bitcoin Price Hasn’t Returned to $13,000

Despite the promises of crypto analysts and institutions like Goldman Sachs, Bitcoin price continues to hover around low 5 figures. What’s going on?


After struggling to hold above the $11,000 point earlier this week, Bitcoin price, at last, succumbed to selling pressure and dropped below $10,000 for the second time in three weeks. Prior to the drop, numerous analysts predicted that $10k would serve as a reliable bounce point as the price represents important psychological support.

Clearly, this was not the case and even after making a strong upside move from $9,500 to $10,450, Bitcoin still struggles to stay above $10,100. 

Let’s take a look at what is keeping the king of cryptocurrencies down. 

Dovey Wan says Ponzi Scheme is Crashing the Crypto Market

On July 14 Primitive Crypto founding partner Dovey Wan attributed the sharp sector-wide correction to bulk Bitcoin sells from PlusToken, a Chinese Ponzi scheme. The scheme managed to accrue 200,000 Bitcoin and more than 800,000 Ethereum from naive investors in China.

According to Wan, not every member of the PlusToken team has been arrested yet and data from cybersecurity auditing firm Peckshield shows that recently more than 1,000 Bitcoin was transferred to Huobi and Bittrex from PlusToken accounts. 

Wan is convinced that the scammers are covertly shifting their funds “into small batches into exchanges, like 50 to 100 Bitcoin per batch.”  Wan also claimed that she recently stumbled across a chat where Chinese traders were saying that someone had been dumping 100 BTC non-stop on Binance.

If true, it is entirely possible that large back to back sales of Bitcoin could affect spot rate across exchanges but this sole event is probably not fully responsible for Bitcoin’s malaise

Mind the CME Gap 

The CME Bitcoin Futures gap is another popular topic amongst Bitcoin traders and many cite the existence of the gap as a reason why Bitcoin continues to drop below $10,000. A glance at a Bitcoin daily chart shows an $870 gap between $7,177 and $8,050.

The gap is simply the outcome of Bitcoin price moving over the weekend while the CME Futures are closed and the space denotes the difference between the previous close and the new opening price once the market reopens.

The gap is a cause for concern as traders set the price as a target that must be filled at some point, typically when an asset corrects and retraces to supports in the vicinity of the gap.

Many traders believe that Bitcoin must revisit this $7,100 to $8,500 range to truly correct before resuming its strong bullish trend to a new all-time 2019 high. 

Bitcoin Accumulation Before Surge on Recession Fears 

An assortment of crypto analysts have posted charts suggesting that Bitcoin has entered a lengthy consolidation phase and will continue to be pinned between $9,000 to $14,000 until more excitement and momentum build up over the 2020 halving event. 

Earlier this week as the stock market took a horrific tumble over weakening macroeconomic fundamentals, fears of a recession sprang up as an economist focused on an inverted yield curve on treasury bonds.

This week the slope on US Treasury bonds became inverted and for economists and market analysts, this is typically an indicator that a recession could be on the way.

At the same time, Gold has continued to rise in price and many investors believe that Bitcoin is a similar store of value and hedge against volatility.

If the US and other countries truly are on the verge of a recession, one would increase inflow into Bitcoin and a significant increase in its market cap and value.

At the time of writing, Bitcoin is steadily dropping back towards $10,000 and $9,800 is the most immediate support level. 

Do you think Bitcoin price will dip below $10,000 over the weekend? Share your thoughts in the comments below! 


Images from Bitcoinist Image Library, Twitter: @DoveyWan, BTC/USD charts by TradingView

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Srp 13

Analyst Looks to Blockchain Data to Explain Why Bitcoin is Still ‘Bullish’

Market analyst Jesus Rodriguez believes that investors should consider blockchain datasets when devising their Bitcoin investment plans.


Blockchain data helps with crypto investing

On August 12, Invector Labs chief scientist, Jesus Rodriguez, took to Hackernoon and made his case as to why he believes Bitcoin remains bullish despite correcting from $13,800. At the time of writing, Bitcoin continues to struggle to overcome $12,000 and technical analysis suggest the digital asset could drop to $10,800 – $10,600 over the short-term. 

According to Rodriguez, the majority of speculation surrounding Bitcoin price has been focused on macroeconomic factors such as the US / China trade-war, global monetary easing and central bank policies that are leading to the devaluation of fiat currencies. 

Last week, President Trump introduced additional tariffs on Chinese goods and the Dow Industrial Average reacted by dropping nearly 800 points. At the same time, volatility has increased across major world indices and China placed the cherry on top of this disastrous sundae by devaluing their currency. 

Meanwhile, Gold and Bitcoin increased in value as investors viewed the assets as a store-of-value and hedge against volatility. 

What does blockchain say about the Bitcoin rally?

While these are incredibly relevant factors that are clearly impacting Bitcoin price, Rodriguez suggests that investors take a deeper look beyond the macroeconomic perspective and analyze blockchain data. 

Looking closer at blockchain data could uncover some interesting details and patterns that shed light on the recent Bitcoin rally. 

According to IntoTheBlock’s blockchain-based data sets, nearly 90% of Bitcoin investors are “in the money”. There are also nearly one million addresses with positions acquired near Bitcoin’s current price and Rodriguez argues that these investors will help “influence the trading activity in the next few days.”

IntoTheBlock’s Break-Even analysis primarily focuses on realized gains and the indicator shows that Bitcoin’s next strong support/resistance is near $10,400. Rodriguez also pointed out that as BTC price rose, so did the number of active addresses and this is a sign of growing strength within the Bitcoin network. 

Rodriguez also attempted to poke a hole in the default explanation that China’s yuan devaluation led to Asian investors taking shelter in Bitcoin. 

Macro is micro when it comes to analyzing Bitcoin price action

Even more interesting is the fact that the majority of ‘new’ Bitcoin investors accumulated the digital asset before the current price rally began.

Essentially Rodriguez is saying that the current macroeconomic factors are reflective of long-term, structural challenges that have long existed in various economics and are just now showing themselves. 

This does not mean that macroeconomic challenges are directly responsible for the majority of BTC price action. In fact, macro-economic factors are short-term price indicators for Bitcoin price action and should not be fully relied upon to predict price movement. 

Roderiguez advises that investors also incorporate analysis of blockchain data like on-chain activity, network hash-rate, volume of large institutional and retail transaction, new address origination and the fluctuations in Bitcoin address openings, closing and transfers at various price points. 

By doing this, investors attain a more comprehensive view of the whole market and are likely to make wiser investment decisions. 

Do you think the current Bitcoin rally is primarily driven by macroeconomic factors? Share your thoughts in the comments below! 


Images from Shutterstock

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Srp 12

Bitcoin Closes Highest Weekly Candle in Over a Year

The weekend has been largely bearish for bitcoin price as it dumped 6% after a long period of consolidation. The move dropped BTC back to support, keeping it range-bound, but the weekly candle close has been the best since early 2018.


Bitcoin Weekly Close Over $11.5k

Markets have remained flat following bitcoin’s $600 dump on Saturday. The plunge took BTC back down to $11,200 before it started trading sideways. Sunday saw another dump as the digital asset dropped down to $11,090 but bounced back from there pretty quickly.

Since then, BTC returned to $11,590 but has been falling back during the Asian trading session following a death cross on the hourly chart. At the time of writing bitcoin was trading just below support at 00.

bitcoin

BTC prices 1-hour chart – Tradingview.com

Bitcoin gains since its big pump last Monday have been eroded as the week has progressed. However, this did not prevent a bullish weekly candle closing just above $11,500 according to Tradingview. Trader and analyst Josh Rager pointed out that a close above $11,474 would result in the highest weekly close in 2019.

Currently under weekly resistance.
Short term support flipped back to resistance on lower time frames.
Close above $11,474 would be highest weekly close in 2019

This is marginally higher than the weekly close in early July but there has not been one this high since early 2018. The daily chart still paints a picture of consolidation as range-bound trading extends into another week.

Despite the bullish weekly close, there could be further downsides in a larger correction. According to analyst ‘Financial Survivalism’ bitcoin could fall below $9k in the next week or two.

Originally I was targeting $8,000 if $BTC brokedown the 2 week bull trendline.
After further analysis I am adjusting that to $8,775

No Reprieve For Altcoins

Bitcoin dominance is still hovering around 70% so there is no reprieve for altcoins yet as most of them are still flat or in decline again. Ethereum has not done much since its dump over the weekend but remains above $200 for now. It is up marginally on the day, trading at $213 but further losses are likely if the longer-term downtrend continues.

Bitcoin Cash has made the biggest move in the top ten with a 5% gain to reach $335. Chainlink and Cosmos are also climbing by around 4%, but these are the only two making a move. The rest are in decline as they have been for most of the past week with IOTA, NEM, and CRO getting hit the hardest.

Will bitcoin price resume its rally this week? Add your thoughts below.


Images via Shutterstock, Twitter @Josh_Rager @Sawcruhteez, Bitcoin trading charts by Tradingview

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Srp 04

Bitcoin Price Could Surpass $15,000 This Week: Max Keiser

Early Bitcoin investor Max Keiser tweeted today that he foresees Bitcoin price smashing through the $15,000 mark sometime this week amid troubles with centralized government and banking


The Bulls are Back in Town

The price of Bitcoin has made a noticeable comeback this summer, coming from a low of $5,500 in early May to a top of nearly $13,000 in late June. Since then, the markets have cooled off putting the price of a single Bitcoin to $10,700 at the time of writing. On top of this bullish trend, BTC dominance has also been on the climb, from bouncing around 50% to over 65% as of today.

Max Keiser, Founder of Heisenberg Capital, has been buying Bitcoin since the days it was worth only a dollar. Over the years he has been very vocal in his support for cryptocurrencies, encouraging others to invest and building within the space. He also is a strong believer in Bitcoin Maximalism, talking often about how the value in the cryptocurrencies space will flow into Bitcoin. Today on Twitter, he made his predictions on where he sees the price of BTC going in the short term.

While this prediction may be a bit optimistic, it is based off a major selling point of crypto-currencies over their centralized, state-backed counterparts; decentralization.

Separation of money and state

Bitcoin is unique, its the first value transfer system that wasn’t controlled by a third party actor. Supporters have been said for years that a money system that wasn’t controlled by a central government is a much better alternative fiat currencies as there would be a safe, stable supply and be immune from federal monetary policy. And in the long run, that may hold true.

Fears of a worldwide economic turn down have been spreading between economists lately, as the US-China trade war escalates and Britain heads faster and faster towards a no-deal Brexit, something that would send the region’s economy into chaos.

On top of these uncertainties affecting the market, many economists are predicting a general economic slowdown due to the explosion of several world economies over the last decade. In some countries, such as Venezuela and Zimbabwe, have experienced huge inflation rates over the last decade. Even with Bitcoins wild price swings, it can still be better than their local currencies. As economies all over the world run into more and more issues, many people may start to consider decentralized alternatives such as BTC or Bitcoin Cash to save or spend their money.

Where do you think Bitcoin’s price will be going to the next few weeks? Are worldwide economic issues good for Bitcoin? Let us know down in the comments below!


Images courtesy of Bitcoinist Media Library

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Srp 02

Strong Bitcoin Miners Pave Way For Bullish Price Action: Willy Woo

Bitcoin Analyst/Economist, Willy Woo, is known for his stellar work on signaling models and tools to aid investment decisions. Well, now he has unleashed a new metric, the Bitcoin Difficulty Ribbon. 


How Difficult Can One Bitcoin Be?

The ‘ribbon’ consists of several simple moving averages of mining difficulty, on timescales from 9 to 200 days. As difficulty generally goes up, the 9-day moving average will tend to be higher than the 200-day moving average.

However, when the ribbon compresses or flips, this signals a slowdown in difficulty increase or even a decrease in difficulty. These are the best times to buy bitcoin, which would seem like a nice simple indicator to use. But why should it be so?

The Theory Behind The Metric

The visualization of mining difficulty examines the effect of mining on bitcoin’s price. Of the new coins being mined, some are sold off to cover miners production costs. This produces a downward pressure on bitcoin price.

Weaker miners must sell more of their mined coins in order to remain operational until this becomes unsustainable. At this point, the weak miners give up, reducing the overall hashing power and potentially causing a difficulty drop.

Only stronger miners are left, who don’t need to sell as many coins to cover costs, leaving room for more bullish price action.

Historically, this has happened at the end of bear markets. The lack of selling pressure from weaker miners (who have left the market) allows for price to stabilize and climb.

A similar effect can be seen during block reward halving events when a sudden drop in the coins mined occurs, yet costs remain the same.

Woo’s work builds on an April 2014 observation from Vinny Lingham, CEO of Civic.

Looking To The Future

One observation that Woo makes is that the current bull market (and the capitulation that preceded it) has more in common with that of 2012 than 2016.

In 2016 the ribbon compressed, but in both 2012 and 2019, the ribbon fully flipped, showing severe mining capitulation. This, in turn, led to vastly reduced selling pressure from miners, and a shorter accumulation period before price breakout.

The 2012 bull-run saw bitcoin price go from around $2.50 to an eventual top of over $1000. Which means (let me get my calculator)… past performance is no guarantee of future results. But it is interesting nonetheless.


What do you think of Willy Woo’s Bitcoin Difficulty Ribbon Model? Let us know in the comments below! 


Images via Shutterstock, Woobull.com, Twitter: @woonomic

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Srp 01

Bitcoin Price Boosted on Fed Rate Cut, Back To Five Figures

Bitcoin has survived its first US FED interest rate cut and actually got a boost from it as many had predicted. The king of crypto has managed to climb back into five figures which has lifted cryptocurrency markets during the morning’s trading session.


Bitcoin Price Taps $10,175

A few hours ago BTC reached an intraday and five day high of $10,175 according to Tradingview. This key resistance level is proving hard to crack as it has been hit five times now since the fall below $11k. The move has added almost 5% to bitcoin prices as it shifted up from yesterday’s levels around $9,700.

bitcoin

BTC prices 1-hour chart – Tradingview.com

The 50 and 200-hour moving averages have now crossed again indicating bullish momentum on this short time frame chart. BTC is now back above the 50 MA on the four-hour chart but remains below it on the daily picture where it sits at $10,500. At the time of writing bitcoin price has dipped back into four figures and is trading at 00.

Industry observers have been commenting on the price action which was mirrored by the USD following the expected rate cut.

“Bitcoin survived its first ever Fed rate cut… despite stronger USD
– hmmm, does #Bitcoin transcend fiat monetary policy?
A good sign nevertheless”

The ‘cryptowinterisover’ hashtag may well apply to bitcoin which has made over 200% since its 2018 low, but it is definitely not the case for altcoins which are still in a deep freeze.

Popular trader and economist Alex Krüger observed the actions of BTC immediately after the announcement as it did not make any wild movements.

“That’s how an uncorrelated asset for which monetary policy is a very minor driver trades. I’m surprised this is still the case, but it is. Theoretically, the more institutionalized class the asset class becomes, the more it will react to the Fed. Not there just yet.”

Litecoin Back in Halving Mood?

The only other altcoin shifting gears at the moment is Litecoin which is approaching the psychological $100 barrier once again. Since this time yesterday, LTC surged 8.7% to touch $100 before pulling back to the high $90s. The halving is the only thing that could be driving momentum at the moment as it is now only four days away.

The rest of the altcoins are flat or falling back still. Bitcoin SV, Cardano, LEO and Cosmos are all dumping 2-4% while the rest remain immobile.

Can bitcoin price remain above $10k this time? Add your thoughts below.


Images via Shutterstock, BTC/USD charts by tradingview

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Čvc 31

Analyst: Bitcoin Price Movement Is Slow; Time To Accumulate

Another day rolls by on crypto markets and the momentum is still elusive. Bitcoin and its brethren have crept up marginally in price but most are still range-bound as the consolidation continues. Analysts are in agreement that this is a good time to accumulate.


BTC Price Back Over 200 Hour MA

For the first time in over a week bitcoin price has crossed the 200 moving average on the hourly chart. While the move isn’t overtly bullish on such a short time frame, it is the highest BTC has been since the weekend. During morning trading the king of crypto tapped a four day high of $9,830 according to Tradingview.

bitcoin

BTC price 1-hour chart – Tradingview.com

The move marks a gain of almost 3% on the day as bitcoin also touches the 50 moving average on the four-hour chart. This has served as solid resistance several times over the past week so a break above it could see BTC back in five figures before the week is out.

The daily chart shows a major drop in volatility and continued consolidation on this time frame. Traders and analysts often eye these periods of minimal action to accumulate more before the next big move. Popular analyst, Josh Rager, has been doing exactly that setting targets on bitcoin and a few altcoins.

“With a lack of major volatility, things quiet down. Reminds me when we were under $4k (not near as quiet) but these are the times where I set targets on Bitcoin & maybe a few alts. Months from now people will wish they would have taken more action during the slow price movement,”

The same was said when BTC lulled below $4k for the first three months of this year before finally lifting off in April. Analysts were pretty pessimistic back then with many forecasting further falls back into the $2,000 price range and even below it.

Very few traders and investors, including the professional ones, can successfully catch the bottom every time so the general advice is not to even try. There are clearly a lot of buyers lurking on the sidelines and waiting for a drop to the mid-$8,000 level but that may never materialize.

Bitcoin Bullish This Week?

Tomorrow the FED will cut the interest rate by a quarter percent in the US which is generally a sign of a slowing economy and weakening dollar. This, of course, is good news for bitcoin as asset manager Travis Kling pointed out;

There could be a bigger move ahead for bitcoin price before the week is out but at the moment the consolidation continues.

Will BTC price be back over five figures by the weekend? Add your thoughts below.


Images via Shutterstock, Tradingview, Twitter: @Josh_Rager, @Travis_Kling

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Čvc 30

Bitcoin Will Drop To $4000 In ‘Wildcard Move’ Before Rally: Analyst

Popular YouTube securities and crypto analyst, Alessio Rastani has predicted that Bitcoin will drop far below the 21-day EMA before rallying to a new all-time high in 2020.


Bulls could be Walking into a Massive Trap

Alessio Rastani, a popular securities trader and crypto analyst, believes that confirmation bias is misleading crypto-investors to the extent that the majority of traders will in absolute disbelief when Bitcoin drops below $6,000.

The digital asset is slowly creeping toward the 21-EMA near $8,000 which could serve as a strong support or even a bounce point as Bitcoin is likely to be deeply oversold by that point. The current daily chart shows Bitcoin buy and sell volume in a steady decline, even though sell volume has superseded buy volume as of late. 

According to Rastani, the Pulse Momentum indicator corresponds with Bitcoin’s volume decline. Rastani explained that momentum had steadily increased since April when Bitcoin began its monster parabolic rally but since topping out at $13,780, the indicator is has flipped from green to red and momentum is on the decline. 

Rastani is afraid that investor’s confirmation bias is interfering with investors ability to accurately view the current market structure and he cites the numerous articles from analysts suggesting that an impending golden cross of Bitcoin’s exponential moving averages are proof that the rally will restart shortly. 

Rastani explained that: 

The majority of Bitcoin article writers (and video makers) seem to be very bullish.

Lemmings are Running the Bitcoin Price Show

Currently, the general consensus amongst traders is that Bitcoin will correct to the $8,500 – $8,000 zone to enter a lengthy spell of consolidation before commencing a new parabolic rally toward $20,000 to $30,000 as the Bitcoin halving event approaches.

According to this line of thinking, Bitcoin completed wave 1 as it topped out at $13,800 and is currently in wave 2, which bring Bitcoin to the $8,000 support. Wave 3 is supposed to be a lengthier strong upside move that will take Bitcoin to $20,000 to $39,000. Wave 4 brings the oversold digital asset back to $21,000 and wave sees Bitcoin top out at $55,000 in late 2020. 

Rastani advises that investors consider the various contrarian outcomes for Bitcoin’s price action. Rastani posits that Bitcoin’s current correction could in the process of completing a B wave correction.

What Would Happen In A Bearish Scenario

What Would Happen In A Bearish Scenario

The upcoming C wave could see Bitcoin correct as far as $1,800 to $1,600 before reversing course and rallying to $14,000 to $20,000. While this outcome may be unlikely, Rastani is troubled that analysts are ignoring it as a possibility due to overwhelming confirmation bias. 

A Third Situation

Rastani personally thinks that the most probable outcome is that over the coming days or weeks Bitcoin will strongly bounce off the 21 EMA at $7,500 to $8,000 after forming a support near that zone. What comes into question is whether or not the bounce from the $8,000 support will play out as most investors expect.

Bitcoin Price Could Bounce Off Upwards From $7500-8000

Bitcoin Price Could Bounce-Off Upwards From $7500-8000

Rastani warns that close below the 21 EMA would open the doors to bearish price action and he cautions that the bounce from $8,000 might fizzle out around $10,000 to $11,000 instead of the sky-high valuations that many analysts are forecasting. 

The Bitcoin Price Wildcard

Before wrapping up his analysis, Rastani proposed a wildcard scenario which would see Bitcoin bounce strongly off $8,000 to $11,000 – $12,000 before sharply reversing all the way down to $6,500 to $4,500 to complete an ABC corrective move.

Price Could Fall To $4500-6000 In 'Wildcard Scenario'

Price Could Fall To $4500-6000 In ‘Wildcard Scenario’

Rastani predicts that Bitcoin will then reverse trend around $4,000 – $6,500 to commence a major move up toward a new all-time high in mid-2020.  

Regardless of whether one is a Bitcoin bull or bear, it is prudent to consider all possible possibilities when investing. Rastani’s proposals, while extreme, do encourage contrarian thinking which serves to balance investors thought process and combat confirmation bias.

If there’s one thing that is certain, Bitcoin always has a wildcard up its sleeve. 

Do you think Rastani makes an accurate prediction of Bitcoin’s future price action? Share your thoughts in the comments below! 


Image via Shutterstock, YouTube: Alessio Rastani

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Čvc 28

Bitcoin Looks Bearish as Analysts Eye A Drop to Mid-$8,000

A big move was expected for bitcoin price and it came yesterday with a swift plunge back into four figures. The move resulted in a $15 billion dump from crypto market capitalization as altcoins blindly bled out in the shadow of their big brother.


Bitcoin Does Another ‘Bart’

These ‘Bart-type’ chart patterns have become pretty common over the past week or so as BTC has ranged between mid-$9,000s and low $10,000s. BTC touched $9,300 twice over the past few hours after falling 8% from just over $10k. The move has not been unexpected but has now dropped bitcoin price below the 50 and 200 moving averages on the four-hour chart and below the 50 day, MA as the downtrend strengthens.

bitcoin

BTC price 1-hour chart – Tradingview.com

Trader ‘CryptoFibonacci’ took a look at the day chart pinpointing support levels in the mid-$8,000s range.

“The 10 and 20 ema’s are driving this lower for now. No need to fight them. Broken 78.6 fib retrace as well. Big time support down around 8500-8700 area.”

Fellow trader ‘Bleeding Crypto’ is also eyeing sub $9,000 prices in the next move down for bitcoin.

“$BTC Looking at this, along with some other indicators and I think we have may hit $8800 in the next few days. Not to say that we may have some small pumps but its more likely $8800 will be upon us sooner than later.”

Bitcoin price found a floor around the $9,450 level and has ranged around that for the best part of the past 24 hours, currently trading at 00. A drop to $8,300 would be 40% in terms of correction, which has happened several times in the past so would not be out of the question this time.

BTC Back Up Next Week?

Some are a little more bullish with crypto warlord John McAfee leading the calls for resuming the bull run. He has forecast a big move next weekend but refrained from elaborating on what could be the trigger.

“Bitcoin is under pressure from the U.S. and its price reflects it. But the U.S. has no real power in controlling CryptoCurrency. Just watch. A week from today Bitcoin will continue its meteoric rise.”

One possible catalyst could be the lowering of interest rates by the FED next week. This would be a sign of a slowing US economy and possibly a weaker dollar which is bullish for bitcoin price. Fundstrat’s Tom Lee concurred with his comments yesterday, but he also added that BTC should rise this weekend whereas it has actually done the opposite.

Will bitcoin price bounce back next week? Add your predictions below. 


Images via Shutterstock, Tradingview, Twitter: @CryptoFib, @Bleeding_Crypto, @officialmcafee

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Čvc 26

Bitcoin Price Struggling To Stay Above $10,000

Another day has brought another movement in BTC markets and yet again it has been downwards. As bitcoin price battles to stay above $10,000, analysts are looking at new levels of support.


Bitcoin Bart Patterns Back

Yesterday’s bounce from $9,500 topped out at around $10,180, hitting the 200-hour moving average twice. A few hours ago the ‘Bart pattern’ materialized again as BTC plunged back down. Three large red candles resulted in a drop to $9,660 according to Tradingview. Bitcoin price is currently trading just above that at 00

bitcoin

BTC price one hour chart – Tradingview.com

The Bart pattern was not lost on crypto traders on twitter as one pointed out just before the dip.

The previous dip was just above $9,500 so BTC needs to hold above its current level or face further losses which could send it back to $9,200 today. Most are still of the opinion that further losses are likely as the downtrend remains intact. Crypto trader ‘BenjaminBlunts’ mapped out a possible scenario for the next couple of months which shows a dip deep into the $7,000 price range.

“Due to the deep decline off yesterday’s highs this next wave up more likely still a corrective flat and this is the scenario i have in mind for BTC, trading more or less sideways until august, but ultimately break down again. This scenario can still set the stage for alts though”

On the daily chart, the bitcoin price appears to be consolidating still just below the 50 day moving average. A retest of this would take BTC back to $10,200 but a decline eyes the $9,200 level.

Altcoins in Lemming Mode

As usual, the altcoins have blindly followed bitcoin’s lead as most of them are dumping today as well. The $10 billion that flowed into crypto markets yesterday has all been lost today as total capitalization slides back down to $270 billion once again. Daily volume has also now dropped below $50 billion as things cool down in crypto land.

The digital lemmings are mostly in the red this Friday morning. Ethereum has dumped 3% in a fall back to $215, Bitcoin SV is down a similar amount. The only altcoin in the green in the top twenty is Bitcoin Cash but it has only eked out 2% reaching $312.

Nano is today’s big mover and the only altcoin gaining double digits in the top one hundred. There are a few of the lower cap altcoins dumping doubles but there is very little movement for the majority of them at the moment.

Will bitcoin price fall back to $9k this weekend? Add your thoughts below.

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