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DARING ANALYST CALLS BITCOIN CRASH TO $2.4K SOON
With market data showing a range of conflicting signals, one analyst has now made a bold prediction that the BTC price will soon see its largest collapse in over a year.
Whereas investors should consider all possibilities, such a bold assumption is certain to be controversial.
This claim of a possible major drop comes from The Moon who has tweeted: “Possible Bitcoin bear flag on the 4-hour chart. The target will be approximately $2,400 if the bear flag support breaks.”
He bases his argument on the four hour price chart, which clearly indicates a bear flag, yet does not necessarily coincide with other timelines. It is worth noting, however, that The Moon also successfully predicted the Bitcoin price drop which took place on March 12th.
Given the heightened volatility over the past few weeks, Bitcoin (BTC) analysts have come out with a range of predictions. It is thus difficult to know which data is most telling of the market’s next moves.
The most basic indicators signal continued price swings in the short term, yet a stronger recovery over the next few weeks.
Many conclusions can be reached using chart data alone, which is why other market considerations should be examined when making BTC price predictions.
There are presently no shortage of larger indicators that analysts have been using to emphasize Bitcoin’s remarkable potential for big gains.
These include the impending block reward halving, a significant increase in overall blockchain activity, and an increasing interest in using Bitcoin as a financial safe haven.
Bitcoin continued to trade near $7,000 on March 27 after traditional markets showed bullish signs and the Dow Jones had its best day in 87 years.
Having preserved support at the lower end, Bitcoin saw its third consecutive day above $6,000 as coronavirus misery appeared to abate for some parts of the world’s financial system.
They were building on the success of the Dow, which on Wednesday saw its biggest one-day growth since 1933 at 20%.
For the Wall Street Journal, this was even enough to call a bull market.
That, in turn, followed an announcement from the United States Federal Reserve to print unlimited amounts of money, something which immediately pumped markets but rattled Bitcoin proponents.
While Bitcoin continued to fluctuate, data suggested that traders were not in the mood to sell — according to monitoring resource Glassnode, exchange balances were at an eight-month low as of Thursday.
“Despite the volatility, Bitcoin holders appear to be withdrawing their funds from exchanges. Outflow has been increasing daily since March 18,” the company summarized on Twitter.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
Breaking: A new bull market has begun. The Dow has rallied more than 20% since hitting a low three days ago, ending the shortest bear market ever. https://t.co/06YS0XqWGP
— The Wall Street Journal (@WSJ) March 26, 2020