Cryptomarket lost ground during the weekend — does it matter for the future?
Crypto markets are currently in slightly volatile stage. Even though there are no significant up and down swings, the past weeks have seen movements from the level of about 12 400 dollars to around 10 000 dollars that we can see now for the biggest cryptocurrency. Bitcoin has dipped even under 10 000 dollars at some exchanges, however according to Coinmarketcap its value still about the biggest current psychological level.
Breaking the bull market trendline
The biggest cryptocurrency might be in for a lot of trouble. Over the weekend, Bitcoin broke 6 months trendline that kept the cryptocurrency in the bull market. However as of now, the line has been broken and also Bitcoin fell out of Head and Shoulders pattern. Breaking both of these patterns does not sound very appealing for near term future for Bitcoin.
So far, the very strong support of 10 000 holds on, but the price is slowly approaching the level. With volumes slowly decreasing, it is only a matter of time when the price dips below the level. The most important question however is, what will the recovery look like. Does Bitcoin have enough buyers to push the price back up or will it stay lower and consolidate to 8 800-dollar level, where many analysts want to see it.
As a recent analysis by Glassnode suggest, there is enough buyers to hold Bitcoin around 10 000-dollar level. According to this data source the number of accumulation addresses rose 2% in recent days to about 513 000. This shows strong support from the community and the willingness to “buy the dip,” which is very common in this field.
On the other hand, Peter Schiff believes that the recent dump of BTC is only a beginning of the longer bear market. This gold bug and Bitcoin critic once again proved that he simply does not see any value in the biggest cryptocurrency. Just few days ago he reacted via Twitter in the feed of Tyler Winklevoss, CEO and Co-founder of Gemini exchange that he believes Bitcoin is about the enter bear market once it dips below 10 000 dollars.
However, he also acknowledged that he was wrong when it comes to BTC. He did not believe at any point in the last year that Bitcoin could climb as high as 12 000 dollars, which he acknowledged in one of the comments to Winklevoss´s post. Yet he also claimed that Bitcoin is about to go south and the likelihood of 10 000 dollars becoming resistance once the price falls below is really high.
Bitcoin is still long term bullish
No matter what the prices will do in the short period of time, the long-term predictions are still very bullish for not only the biggest cryptocurrency, but also for the whole market as such. Of course, traders and investors need to take current prices into account, but that does not mean that after few days or weeks of bearish movement, the whole sector losses its credibility. On contrary, it is in times like this that people should educate themselves more, build valuable network in the cryptoworld and get to know more exciting projects that the whole sector offers.
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