Technical analysts predict that Bitcoin has not yet bottomed out and will continue to be traded in the bear market. The Bitcoin price is currently testing the $ 6,100 level and is in another downtrend, after a brief surge to nearly $ 6,600 yesterday.
Robert Sluymer of Fundstrat, a technical analysis firm, has stated that he expects “further testing of the next level of support”.
Mike McGlone. A Bloomberg Intelligence analyst, said the price of Bitcoin will continue to fall. He explained that this correction was more “tame” compared to the previous ones. He said, “Bitcoin is in dump mode after the pump has encountered the potential of a US ETF. This may not diminish until the good support of nearly $ 4,000 is returned – close to last year. “
Renaissance Macro Research technical director Jeff deGraaf said he would recommend betting against Bitcoin if Bitcoin breaks the YTD (year-to-date) support level. He says, “Parabolic moves are notoriously dangerous to short sellers. Usually, a top that often appears as a descending triangle for months, develops with reduced volatility and little [fanfare]. Once the top reaches the level of support, the security in question can often be seen as permanently compromised or even regarded as ‘game over’.
DeGraaf has become one of Wall Street’s most respected charting technicians for the last two decades. He has been elected as a senior technical analyst for more than 10 years by Institutional Investor Magazine over the course of his career. In 2014 he became a member of the Research Hall of Fame of Institutional Investor. Nevertheless, the question arises as to whether such an end-time prediction should be taken seriously. The cryptocurrency market has its own laws and cannot be compared with the traditional financial market.
Time will tell, how things are going to shape up in the cryptocurrency market.