Bitcoin (BTC) has not done too well over the past two days. Since Friday, the dominant cryptocurrency managed to lose even 6% of its value and tanked from around $9,250 to $8,700 in a strong move which came after nearly two weeks of bullish consolidation. As analysts noted, Bitcoin is doomed for a lower region right now, especially after the sharp $400 drop which triggered the altcoin news, too.
Despite the relatively mild price action which was not a move that slaughtered bulls, a number of traders have flipped bearish. Bloomberg was one of them – the journal wrote that there is a likelihood that if the bearish pressure persists for a little more, BTC will trend all the way back to $7,300 and back in the zone where it was before the most recent swing upwards.
The sentiment, according to a number of analysts, is irrational – and shows how Bitcoin is doomed in the long run. According to the popular crypto trader Mayne, the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after the fourth biggest bull move in history ($7,300 to $10,500 with 42% gains in one day) is perfectly good for the course – but it is also possible that we can go lower from $8,800 soon.
$BTC has it’s 4th biggest bull move ever, $7.2k-$10.5k, and now we are retracing after consolidating. My feed, totally bearish again.
We can go lower sure, but I think the same people waiting for $6k are going to be waiting for $7k and will buy back above $10k.
Never change CT!
— Mayne (@Tradermayne) November 8, 2019
Crypto Michael is another analyst who echoed a similar line. The Amsterdam Stock Exchange trader laughed at the euphoria that bears have had over the past days. When talking about how Bitcoin is doomed, he accented the irrationality of the claims that a retest is on its way (and the context of the 42% gain):
“I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with a $300 retrace after one of the most bullish candles in the history of bBTC.”
I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with a $300 retrace after one of the most bullish candles in the history of $BTC.
— Crypto Michaël (@CryptoMichNL) November 9, 2019
The cryptocurrency and its long-term charts indeed seem to be implying that medium to long-term upside is highly likely. As reported in our Bitcoin news before this, the trader HornHairs noted that he “likes the chance we hit $14,000 before $7,000.” With this, he remarked that there is still a possibility for Bitcoin (BTC) to rise and lean bullish rather than bearish.
$BTC Monthly confluence
+1M bullish breaker
+Volume Profile HVN/PoC
+Inside bar fakeout
I like the chances we hit $14,000 before $7,000. pic.twitter.com/0l1VlDAmA0
— HornHairs 🌊 (@CryptoHornHairs) October 31, 2019
Filbfilb was also in the news, noting that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross” which he claims is far more significant for the BTC market than other technical crosses.
The post Bitcoin Is Doomed: Analysts Are Afraid Of Bears After $400 Drop appeared first on DC Forecasts – Leading Digital Currencies.