Analysts Issue Bitcoin (BTC) Reality Check, Predict More Pain for Crypto Traders
Two popular cryptocurrency strategists say Bitcoin’s pullback is just getting started.
According to Josh Rager, BTC is locked in a downward trend after hitting resistance at $10,000 – and there’s little that can stop its recent pattern of creating lower highs.
“BTC – close below $8,700 and looks like price is headed to $8,500’s.
Needs to hold and close above that support below – or we’ll be looking at sub $8,000 again… which I think price hits eventually. Don’t fight the trend.”
Rager says Bitcoin bears are poised to continue dragging Bitcoin’s price down to $7,200 in the days and weeks ahead.
The forecast is similar to recent analysis from another prominent trader known in the industry as Dave the Wave, who believes BTC will drop to $6,300 before beginning a parabolic rally to new all-time highs.
New data suggests BTC’s current retracement was sparked by users on the leading US crypto exchange Coinbase.
According to Jon Geenty, a data scientist at Coin Metrics, a sell order of at least 75 Bitcoin worth over half a million dollars triggered a tidal wave that quickly pulled the price down to around $8,675, firmly below the line of psychological resistance at $9,000.
“[Sunday night’s] selling brought to you by a massive dump in the spot markets on Coinbase.”