Despite Bitcoin’s plunge by 3percent, analysts still optimistic
Recently, the price of Bitcoin (BTC) just crashed by 3% from $8,910 to a local low of $8,585. This Bitcoin’s plunge represents the lowest the crypto has traded in the last 18 hours. Bitcoin’s plunge, does not come as a surprise, considering...
Recently, the price of Bitcoin (BTC) just crashed by 3% from $8,910 to a local low of $8,585. This Bitcoin’s plunge represents the lowest the crypto has traded in the last 18 hours.
Bitcoin’s plunge, does not come as a surprise, considering the volatility the cryptocurrency markets have seen over the past few days. However, it is expected to go on the high back because of Satoshi Vision variant of Bitcoin that also dropped 35% from its local peak price.
Satoshi Vision variant of Bitcoin was on the rise yesterday after Craig S. Wright, had access to an entire stash of the cryptocurrency. The crypto surged well from below $200 to as high as $440 in 24 hours within a day. It allowed BSV to surpass the Cash fork in the cryptocurrency rankings, taking the fourth spot behind XRP, Ethereum, and Bitcoin (BTC).
However, since the $440 peak, the altcoin has crashed, plunging by dozens of percent owing to many reasons.
However, Bitcoin’s price crash has left a question of if Bitcoin’s price will continue to go lower.
Beyond Bitcoin’s plunge
After Bitcoin’s price dropped, analysts have continued to analyze the situation and predict future happenings via Twitter. Although they see a bright future for Bitcoin, Big Cheds explained that with the latest move, Bitcoin has started to form what is known as an “M top,” which has price action shaped like an M.
Cheds explained that the pattern is in its middle stages, not yet forming the entire latter half of the “M” in the topping pattern.
But should it play out in full, BTC could fall as low as $8,200, the analyst’s chart suggests.
$BTC #Bitcoin 4 hour – Working on an M top https://t.co/bUGOvUFthb pic.twitter.com/TWs0uTDWWg
— Big Cheds (@BigCheds) January 16, 2020
Before that, Filb Filb, a prominent Bitcoin trader called Bitcoin’s sudden surge to $10,000 and subsequent decline to the $6,000s before these two moves happened, posted the below charts on TradingView.
He explained in the chat that Bitcoin shows signs that investors should be long, implying that more upside is imminent.
According to his chart, short-term charts may have flipped neutral or bearish temporarily, but the medium-term charts remain bullish, implying that prices are likely to return higher later.
Another analyst, Murad Mahmudov, formerly of Goldman Sachs, recently wrote on Twitter that “bears are deluded at best, dishonest at worst,” drawing attention to the below chart.
bears are deluded at best, dishonest at worst pic.twitter.com/mHedoqmSwL
— Murad Mahmudov