After the collapse of approaching death cross bitcoin next target is $1500?

Source: financial website

After a crash this week, insiders shouted digital currency came in the winter. Analysts said, this is just the beginning, bitcoin prices even fell to $1500, which means that there are more than 70% of the downside.

The last two days, bitcoin prices showing a collapse downwards, the fundamentals that caused a major negative, pessimistic market expectations.

This week, 8 bitcoin month since the most fierce sell-off. 15 am Beijing time, bitcoin (BTC) spot prices fell below $6000, fell to near $5300.

Bloomberg quoted Ikigai hedge fund founder Travis Kling said he was sad to “up all night”, guess some really bad things might happen.

So far this year, bitcoin market has lost more than 60%, the price of $19000 compared to December last year about high cumulative decline of nearly 70%.

Some industry insiders call digital monetary assets to come in the winter.

Bloomberg information said, this is just the beginning, analysts expect the price of bitcoin may even fell to $1500. This means they think there are more than 70% of the downside. The analyst Mike McGlone believes that the worst is behind, “this is a sustained bear market.”

The death of the cross

Coindesk technology analyst Omkar Godbole said bitcoin 3 from the daily chart, the 50 day moving average is about to wear to the 200 day moving average below, to confirm the Sicha, a strong bearish signal for the first time since December 2014 now.

Technical theory Sicha approximation is to bear the upcoming warning, but due to the fact that this is a lagging indicator, bitcoin in a long-term bear market is the inevitable result of the 50 day moving average fell below the 200 day moving average. Therefore in the market after the confirmation of “miner” is usually considered oversold rebound, not the reverse.

In mid December 2014 technology Sicha after bitcoin within four weeks after the collapse of 50%, so the technology of signal strongly bearish bitcoin bulls is quite scary.

Blame hard branch?

As for the crash reason, analysts believe that bitcoin cash (BCH) will usher in the “hard bifurcation” may be the cause of. In November 16th 00:40, bitcoin cash community ushered in a round of hard branch, divided into Bitcoin ABC and Bitcoin SV.

This hard bifurcation initiated by long-term self proclaimed Nakamoto Australian Craig Steven Wright, he is the main BCH and BCH loyal defenders within the community dispute between the CEO bit, Wu Jihan.

The Economic Observer newspaper quoted a number of monetary fund sources, the fundamental reason is that the capital market the entire disk is not enough to support the high price of money, the follow-up funds also nearly exhausted. In this context, whether it is in the EOS super node or the BCH campaign is hard to re inspire the bifurcation of market confidence, but it brings the opposite effect.

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