Bitcoin Marks the Longest Winning Streak in Two Years, June Records the 5th Straight Month of Positive Returns
- Bitcoin dropped to $9,600 today but it’s still a bull market
- One analyst says, we are officially in a new downtrend
The beginning of July is red just like June.
In the past 24 hours Bitcoin dropped down to $9,600 from about $11,200, the highest point of June that we were trading at yesterday.
Currently BTC/USD is trading at $10,006 with 24 hours loss of 5.79 percent while managing the daily trading volume of $2.87 billion as per Messari’s Real 10, 24 hour volume.
As previously reported, analysts like Bob Loukas have predicted Bitcoin’s drop to this level. Now, analyst DonAlt says, Bitcoin could retrace even farther down, more so than “anyone expects.” As Bitcoin makes another drop down, DonAlt says, it could have altcoins wipe out “massively” yet again.
However, it’s just the expectations DonAlt has as he says the BTC chart doesn’t look “too bad.”
A similar sentiment is echoed by analyst and trader, Magic Poop Cannon who has first called out for Bitcoin to hit $13,800 and now re-emphasizing on his downtrend.
With the leading cryptocurrency forming lower highs and lower lows on the daily chart, Bitcoin he says is “officially” in a new downtrend.
Bitcoin is officially in a new downtrend, as it forms lower highs and lower lows on the daily chart.
— MAGIC (@MagicPoopCannon) July 1, 2019
Previously, Magic called out the possibility of Bitcoin going below $3,000 by October this year, as unlike the previous bull rally, Bitcoin price line haven’t met the arch of the parabola curve yet.
Chill Out, We Are in the Bull Run
The sentiments shared by analyst , however, are not bearish. Though bitcoin has taken a dip and provided a “buy the dip” opportunity to fill up the bags to add more or to join the rally, long term trend is intact.
We are clearly in a bull market, evident from the fact that June has been the 5th month that Bitcoin saw with positive returns. During these five months, three of those registered significant gains that left crypto winter behind.
The last time that happened was during the second and third quarter of 2017 before we made our way to all time high of $20,000.
This time we have already broken through $10,000 and once we move to $20,000, that is when things will get real interesting.
In a trader's world, once $12.8k was lost coming down from $14k, it was a reason to scramble.
In a HODL'ers world, it was a reason to yawn.
Respect your personal time-frames, stamp out the noise.
— Bob Loukas (@BobLoukas) July 1, 2019
The short term trend might have taken a dip but the macro trend is still very much up. However, it goes without saying that you should only invest that you can afford to lose.
Couldn’t have said it better. You have a once in a lifetime chance to change your financial future, NOW. Don’t let it slip by. https://t.co/YuDXrUwrCH
— Credible Crypto (@CredibleCrypto) July 1, 2019