Bitcoin’s Macro Outlook Is Grim; Analyst Says 20% Decline Still In The Cards
- Bitcoin in green, a close above $10,833 is bullish
- But, $7,000 is still a real Possibility
- However, $6,000 might be out of the picture
In the past five days, Bitcoin price has made an ascent, first going above $10,000 and now moving closer to taking over $11,000.
At the time of writing, BTC/USD has been trading at $10,750 with 24 hours gains of 1.81 percent while managing the daily trading volume of $1.18 billion.
Bitcoin in Green, A Close Above $10,833 is bullish
On the weekly chart, Bitcoin is currently testing the resistance level at $10,833. Crypto investor and trader Josh Rager says BTC price must break above this level and further rose above the weekly close in less than 48 hours.
The support, he says needs to hold above previous resistance at $10,590 and a close above $10,833 is bullish.
As for the daily chart, Bitcoin is at a clear resistance where the price is wicked above and now between a tight range of resistance and support areas at $10,600 and $10,850.
The fact that there is a $300 to $400 range, Rager says, we need to keep a close eye here and watch for Bitcoin if it will close above or below this level.
But, $7,000 is Still a Real Possibility
Meanwhile, market trader and analyst, Benjamin Blunts has closed out his BTC longs and now watching from the sides as price hits his target of $10,748.
Just yesterday when Bitcoin went up, Blunts warned that though it is nice and all,
“don’t get lost in the excitement.”
The macro outlook of Bitcoin, according to him is “grim” with a 17 to 20 percent decline still on the cards before Bitcoin look for “new impulse” to move back up to break the all-time high of $20,000.
This decline could take BTC price to as low as $7,000 in the next few months.
With mid-term bearish, in the short term, however, he is bullish, with long term,
“we all gonna make it fam.”
However, $6,000 Might Be Out of The Picture
According to Timothy Peterson, Bitcoin would never drop to $6,000 ever again, as per the financial simulation technical called Monte Carlo used by him. It is used by analysts to anticipate the influence of risk and uncertainty in the market.
— Timothy Peterson (@nsquaredcrypto) August 1, 2019
As Peterson explains,
“The purpose is to show that downside risk is limited, and that upside projections of 100k, 300k, and 400k are crazy.”