Long Time Bitcoin Investors Caution Of Potential BTC Price Plunge If Historical Data Has Its Say So
New Data Suggests That Bitcoin (BTC) Could Dip In Value If History Repeats Itself
Even though the global altcoin community is largely of the opinion that the crypto winter is now drawing to a close, other independent analysts such as ‘Amarok’ recently took to Twitter to state that Bitcoin’s ”short-term prospects” were rocky, to say the least.
For starters, he emphasized on data that clearly showed that the flagship cryptocurrency’s price action from mid-December to mid-January had remained quite unspectacular— so much so that the asset failed to cross the 0.786 Fibonacci ($4,096) threshold before experiencing a massive drop in its value.
Similarly, Amarok then pointed to current BTC charts which show similar trends which seem to suggest that the currency could once again be in the face of bearish pressure in the coming few days.
More On The Matter
As part of his latest research study, Amarok seems to be suggesting that the future could see BTC trade near its 0.0 Fibonacci at $3,640— thereby putting the alt-currency under its $3.9k support level.
Also, Amarok’s market sentiments are being echoed by other analysts as well. For example, another independent commentator ‘Crypto Krillin’ recently took to the internet to say that there the coming few days will see the emergence of one of two possible scenarios for Bitcoin:
- BTC will be able to go surge past ‘Ichimoku Cloud’ it is currently under so as to reach a price point of $5,500.
- Alternatively, the currency will dip to around the $3,000 mark
Other Key Aspects To Remember
While Amarok and Crypto Krillin are not so optimistic about the future of the altcoin sector, other market experts such as BitMEX’s Arthur Hayes recently published their own studies where they went on to paint quite a bullish picture for this burgeoning sector. To be a bit more specific, we can see that as part of his studies, Hayes found that BTC was “very likely” to return to its former glory in the coming 12-24 months.
In rounding off this piece, it should be highlighted that a number of analysts are of the opinion that if Bitcoin is able to cross the all-important $10,000 psychological barrier by the end of 2019, the altcoin market as a whole will be able to make a massive comeback.