Bitcoin prices fell below $5000, technology stocks plummeted, what is the reason behind?

This paper compiled from: https://www.ccn.com/wheres-the-bottom-bitcoin-price-could-sink-as-far-as-1500-analysts/

Monday’s massacre today not only affected the entire stock market, bitcoin fell below $5000 for the first time this year, the technology stocks also fell.

Bitcoin prices fell

For a recent wave of bitcoin prices, many analysts are given their own analysis and judgment.

According to the technical analyst Bloomberg reports, bitcoin prices have not bottomed out, is expected to bitcoin prices will continue to decline in the range of 70% to $1500.

This year, bitcoin has depreciated over 60%. On Wednesday, bitcoin fell below $6000 mark. Analysts expect bitcoin’s next support for $4500 and $3500.

Figure |SOURCE: TRADINGVIEW.COM COINBASE BTC/USD.

Encryption of hedge fund Ikigai founder Travis Kling, worried about the bitcoin market continued to decline. The investment manager, Travis Kling or Point72 before it stressed that in the long run, the recent hard BCH bifurcation event, will bring the negative influence to the whole encryption market.

Recent events have been hard BCH bifurcation from the encrypted currency market to absorb billions of dollars. The Bitcoin ABC, was reported to have bit supporters, in the calculation of force in World War II, cut away from the Bitcoin is to improve the chance of winning Bitcoin ABC. This approach reduces the short-term stability of investors and miners bitcoin confidence.

Bloomberg analyst Mike McGlone believes that the BCH bifurcation is a matter of hard encryption currency market crash fuse, the bear market will continue. The company believes that this downward trend will become more serious.

Chip manufacturers, FAANG shares suffered heavy losses

Source: Shutterstock

This year money market plummeted due to encryption, two mainstream chip maker AMD, Ying Weida (Nvidia) with low return grounds, to give up the production of mining equipment business. However, AMD shares are still on Monday fell 11%, NVIDIA shares 17% decline.

Overall, the U.S. stock market has experienced a bloody deal on Monday. FAANG (Facebook, Apple, Amazon, Netflix, Google) shares have fallen about 20% higher than the record high.

Apple AAPL 1D CHART stock BATS: | source: TRADINGVIEW.COM

This situation by the Sino US business relations, triggered a panic in the market, resulting in the NASDAQ index fell 2.7% in a day at the same time, the S & P 500 index fell 1.6%. At present, all investors pay close attention to this month at the end of the G20 summit.

Sino US trade war, coupled with the BCH is war, prompted the traditional investment stock and investment encryption assets investors, to temporarily withdraw the funds in the market. At the same time, the dollar fell to two in the week next week low, or will fall further.

The technical level of encryption market prediction

Figure BTC1W | source: TRADINGVIEW.COM, COINBASE

Since the beginning of this year, bitcoin market has been in a decline in the wedge structure internal fluctuations. From the index point of view, the next interval at the bottom of the price of bitcoin may be 3500 to 3628 dollars, then there will be a rebound in prices trend may soared to $7435.

If bitcoin prices fell below $3500 mark, there will be such as Bloomberg predicted, bitcoin prices will be a way to $1500, $1788 for the level of potential callback. According to the above Coinbase chart, the price below $1788, does not have specific support.

However, if the BCH market recovers, it should also will rekindle the bitcoin market confidence. If a bit in the next year, Bakkt launched ETF approved currency bitcoin ETF next month before the BTC/USD index can be maintained at more than $3500, then it will still be a bullish signal.

This paper compiled from: https://www.ccn.com/wheres-the-bottom-bitcoin-price-could-sink-as-far-as-1500-analysts/

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