All Roads Lead To Bitcoin (BTC) Price Dropping Back Down
- Analyst Magic is extremely bearish, predicting a 60% drop in April 2020
After the first week of trading sideways, Bitcoin has started slowly making its way downwards. From $7,500 on Dec. 9, today, we dropped to $7,072.
As Bitcoin turns red, altcoins follow the world’s leading cryptocurrency and register loses.
All Roads Lead to a Drop
Crypto trader Josh Rager is seeing all the roads leading us back down below weekly support at $6,902 because “HTF frames remain bearish trend and it's looked weak in this range.”
Though BTC price could have a short term bounce, he is expecting another move down at least one more time. The time, according to him is to “accumulate.”
However, analyst Magic Poop Cannon who has been bearish on the flagship cryptocurrency is predicting a 60% drop in price. According to him, a new low will be coming at $3,000 level.
The call for a severe drop might not be seeing much mentions in the market as many like analyst Willy Woo and data analytics platform Glassnode are saying Bitcoin is close, but some like Magic and even veteran trader Peter Brandt has been calling for more pain ahead.
However, while Brandt has been projecting $5,400 as the bottom in June next year, Magic is predicting a 60% fall in April 2020. Majic said,
“Over the next six months or more, I think BTC (and the rest of crypto) is going to destroy a lot of hodlers. BTC looks very bearish, and I'm not only talking about short term price action. It looks long-term bearish.”
A warning call has also been made by trader CL who notes that the time-weighted average price of 2019 is at $7,100-7,200s.
And if we are in a bull market, bitcoin should not be below this level for “for a prolonged period.”
— Alistair Milne (@alistairmilne) December 12, 2019
Finex still relentlessly opening longs. pic.twitter.com/xutAIbpyJS
— Majin (@majinsayan) December 12, 2019
Crypto exchange OKEx also states in its blog update,
“Candlestick patterns and technical indicators have suggested that BTC volatility could increase in the short-term, with a bias slightly towards the downside.”
Retail Investors are on the Sidelines
With the majority of the crypto twitter turning bearish, it won’t be surprising if Bitcoin decides to make a move in another direction. Moreover, with volumes extremely low, a big transaction has the ability to move the market as well.
Matt D'Souza, Co-founder of Blockchain Opportunity Fund meanwhile shares a bullish picture saying, “We believe we are in the first 1/3 of a bull market.”
Institutions meanwhile won’t invest in ICOs that are surrounded by regulatory uncertainty and have liquidity issues. As such, now that altcoins are experiencing zero to negative returns, it means retail investors are on the sidelines.
“Once the last retail is in there are no more buyers left. All buying is exhausted and we experience a top. We are presently in the opposite environment where the institutions are accumulating, while the retail shows zero interest.”
No matter the next move Bitcoin will make, the best step, for a HODLer at east, is to accumulate – stack those sats.