The Future Pricing Of Bitcoin Continues To Be UncertainOctober 24, 2019
There is no report worthy change about the sideways movement of the Bitcoin. The Bitcoin is down by 40% when compared to its all-time high.
Some analysts have seen the Bitcoin below $8,000 as a buying opportunity. Overall, 2019 was an eventful year. The price went up from $4,000 to $13,000 before it finally came down to $8,000.
Joel Birch, the founder of Lunar, a software as a service (SAS), stated that the future pricing of Bitcoin is continuing to be uncertain.
According to Birch, anytime the Bitcoin goes below $6,000, it is a buying opportunity for the token. He feels that any price below $8,000 is good for Bitcoin buy. He supports the average in and averages out strategy.
Birch has worked in the cryptocurrency industry at different points in time, and therefore, there is likely to be a natural bias towards the pricing of the coin.
If higher prices should be fueled, there should be retail money flowing into the market. There are other in-depth complications about the inflow of retail funds into the cryptocurrency space.
Major leaders have spoken negatively about the Bitcoin so far. This includes the negative comments from Warren Buffet, Donald Trump, and JP Morgan Chase.
The Bitcoin has been declared dead for nearly 400 times ever since its launch, and it is quite alive and doing well in the market.
The Fibonacci retracement support for the token is intact at $7,850. The volatility gauge for the symbol is at its lowest level in six months. It is expected that the small volatility period will lead to a big move for the token on the higher side. There is seller exhaustion seen at $7,850. If there were a high volume at this price point, it would be indicative of a range breakdown.
There is a lack of clear directional bias for the Bitcoin, and if there should be a downside, considering the token to have spent a significant part of its time in the $7,800 through $8,400 range, the downside of the symbol might be limited to $7,400.
The price action for the Bitcoin currently lacks luster. An extended period of lows usually leads to a big move. It is therefore opined that BTC might pick up on directional bias. The death cross is seen a lot before the reward halving. This likely will trap investors on the wrong side of the market. Considering a “long-squeeze,” it is opined that a relief rebound is likely.