Why Bitcoin will fall in price to $ 2300
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| Why Bitcoin will fall in price to $ 2300 |
NewsBTC analyst Yashu Gola explained when the coin will drop 75%. Coindesk expert Omkar Godbowl and trader Satoshi Wolf, on the contrary, are confident that its price will rise to $ 9200
Bitcoin can drop in price up to $ 2300,
suggested by the analyst of the NewsBTC portal Yasha Gola. This is evidenced by the fact that on the chart of the first cryptocurrency, a “cross of death” figure was formed, expressed in the intersection of 50- and 200-day moving averages, the expert said.
He showed that the same pattern was on the Bitcoin chart in April 2018 when the asset was trading at $ 6,000. Within two months after that, the coin rose in price to $ 10,000, but then it entered a phase of a long-term decline in value and by the beginning of 2019 fell in price to $ 3200.
He showed that the same pattern was on the Bitcoin chart in April 2018 when the asset was trading at $ 6,000. Within two months after that, the coin rose in price to $ 10,000, but then it entered a phase of a long-term decline in value and by the beginning of 2019 fell in price to $ 3200.
Bitcoin is in a similar situation now,
considers Gola. He said that the "cross of death" on the chart of the coin was formed in October last year, after which its value soared from $ 7000 to $ 10,800 within a few days. Following this, the cryptocurrency began to fall in price, as it was in 2018.
The analyst believes that if his assumption about the "cross of death" turns out to be correct,
the value of Bitcoin will fall by about 75% within six months. But Coindesk analyst Omkar Godbowl expressed his confidence in the opposite.
Over the past few days, the Bitcoin rate has dropped several times to the support line of $ 8450. The fact that the price of an asset recovered each time after a fall speaks in favor of its growth, the expert is sure. He suggested that the rate of the first cryptocurrency would rise to $ 9200 if it overcomes the resistance at $ 8750.
If the value of Bitcoin falls below the support level, then it is likely to continue to decline to $ 8200, and then to $ 8000, the analyst added. But, in his opinion, this is unlikely, since the rate of the first cryptocurrency is still in an uptrend after exiting the six-month downtrend channel. In addition, God bowl stressed that the 4-hour chart shows a decrease in sell volumes, indicating the weakness of the bears.
Trader Satoshi Wolf is also convinced of the rise in the value of Bitcoin. On his Twitter account, he posted a graph showing that as the price of the coin fell from $ 14,000, the high of the previous year, so did the selling volumes.
This indicates the reluctance of market participants to sell Bitcoin at the current price and their confidence in its rise in price, the trader suggested. He called the upcoming halving and a rebound from the historical support level as other factors of the coin's rate growth, as reported by Peter Brandt in December.
Now Bitcoin is trading at $ 8,670, in 24 hours it has risen in price by 0.6%. The daily trading volume of the asset increased by 9.6% and reached $ 24 billion.
On January 21, the trader Nebraskan Gooner called the condition under which Bitcoin could rise in price to $ 75,000. Analyst of the Amsterdam Stock Exchange Michael van de Poppe also expressed confidence in the growth of its rate, but he limited himself to $ 10,000-11,000. And the founder of Signal Profits, Jacob Kenfield explained why the first cryptocurrency will fall in price to $ 5000.
The analyst believes that if his assumption about the "cross of death" turns out to be correct,
the value of Bitcoin will fall by about 75% within six months. But Coindesk analyst Omkar Godbowl expressed his confidence in the opposite.
Over the past few days, the Bitcoin rate has dropped several times to the support line of $ 8450. The fact that the price of an asset recovered each time after a fall speaks in favor of its growth, the expert is sure. He suggested that the rate of the first cryptocurrency would rise to $ 9200 if it overcomes the resistance at $ 8750.
If the value of Bitcoin falls below the support level, then it is likely to continue to decline to $ 8200, and then to $ 8000, the analyst added. But, in his opinion, this is unlikely, since the rate of the first cryptocurrency is still in an uptrend after exiting the six-month downtrend channel. In addition, God bowl stressed that the 4-hour chart shows a decrease in sell volumes, indicating the weakness of the bears.
Trader Satoshi Wolf is also convinced of the rise in the value of Bitcoin. On his Twitter account, he posted a graph showing that as the price of the coin fell from $ 14,000, the high of the previous year, so did the selling volumes.
This indicates the reluctance of market participants to sell Bitcoin at the current price and their confidence in its rise in price, the trader suggested. He called the upcoming halving and a rebound from the historical support level as other factors of the coin's rate growth, as reported by Peter Brandt in December.
Now Bitcoin is trading at $ 8,670, in 24 hours it has risen in price by 0.6%. The daily trading volume of the asset increased by 9.6% and reached $ 24 billion.
On January 21, the trader Nebraskan Gooner called the condition under which Bitcoin could rise in price to $ 75,000. Analyst of the Amsterdam Stock Exchange Michael van de Poppe also expressed confidence in the growth of its rate, but he limited himself to $ 10,000-11,000. And the founder of Signal Profits, Jacob Kenfield explained why the first cryptocurrency will fall in price to $ 5000.