The Currency Analytics
By TCA PR
Should the Crypto Markets Worry for Another Crash of Bitcoin?
Is BTC Going to Be Bullish?
This week, the cryptocurrency space seems like in a roller coaster, one crypto asset may surge hugely and then decline the next days.
Bitcoin (BTC) surged above the $9,000 zone for the first time in 2020 as it breaks out the days of consolidation. At high on Saturday, BTC has reached the $9,200 value.
However, Sunday wasn’t a perfect day for the cryptocurrency asset due to sudden fell. Bitcoin collapsed 7%, from $9,150 high to $8,600 low.
During the second half of the previous year, Bitcoin, along with other crypto markets, failed to deliver the best performances.
Based on the downtrend in the previous seven months, crypto analysts stated that the confluence of signs suggests for a bottom in the market for cryptocurrency assets, especially…
Many analysts expressed that there are clear signs for crypto bottom’s existence.
Over December 2019, Bitcoin remarkably exploded higher, making its way to 40% high after overcoming the $6,400 region.
According to seasoned crypto trader Rekt Tekashi, the current price action of Bitcoin tends to be the same to what have seen in mid-July 2018.
Using the three indicators, namely Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Guppy, the analysts compared the market structures of July…
In the case that BTC will follow the path it took during July 2018, then this means for a flatline tat $7,000s before dropping to the level of $3,000 once again during halving.
Apart from Rekt Tekashi, another crypto trader said that the recent breakout of BTC is just part of the further drop.
Apart from bearish arguments happening in the crypto space, some analysts lean bullish.
Based on crypto analyst Thrillmex’s tweet, Bitcoin rapidly tapped higher on the four-hour chart as it tapped the key support levels of $8,463 and $8,577.