Bitcoin Dips Down but Not Out
The previous week showed the potential of Bitcoin’s dominance with the price pushing past the $10,500. However, the weekend started a downward spiral with price dropping as low as $9,600 before bouncing finding some resistance and pulled back to approximately $9,800 at the time of writing. Despite the rally back up on Tuesday, the drop this week alone was approximately 9%, and the markets are starting to show signs of jitters with altcoins like ETH losing nearly 6% of its value in just 24 hours while XRP experienced an even heavier drop in value by 7.83%.
Some believe that the bear market will continue. According to NewsBTC, Bagsy, a renowned cryptocurrency analyst on Twitter, told his followers that he’s inclining towards a bear market with his reasoning being the bounce on Bitcoin not being as remarkable as recent corrections. His view is being backed by fellow well-known cryptocurrency analysts on Twitter Bitcoin Jack, who tweeted “Reasons to be bearish: BTC lost parabolic accelerations > +requires confirmation but looks weak. USDT dominance falling wedge > +target aligns with total mcap supports. Majors incl BTC at USD resistance. Total mcap weekly gravestone doji > +diagonal resistance,”.
Image Source: Ethereum World News
On the opposite side of the spectrum, Dave the Wave thinks that Bitcoin is on the brink of a 1000% rally. The pseudonymous cryptocurrency trader is well-known for uncannily making accurate predictions such Bitcoin price retracing to the mid-$6,000s to enter a “long-term buying zone” in mid-2019 and recently for the price to go higher to $11,000. The trader supported his prediction by pointing out the cryptocurrency is on the verge of finishing a fractal correction and is about to break past of a long-term descending trendline, which marked the two swing tops over the past two years. PlanB, a pseudonymous quantitative analyst working for a European institution, backed this prediction with his price model that $55,000 to $100,000 would be the Bitcoin’s fair price in the wake of May 2020’s block reward halving.
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