On Friday, the Bitcoin (BTC) market took a turn for the worst. The leading cryptocurrency, as reported by this outlet, tanked from $ 9,250 to $ 8,700 in a matter of hours, with bulls running out of steam.
While the bearish pressure has stopped, with Bitcoin finding some support at $ 8,850 as short term. The downturn has ended, analysts have argued that the cryptocurrency market remains on thin ice. They claim it can only be a matter of time before the bears push the crypto to the low $ 8,000, and maybe even lower.
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Bitcoin may slip further, analysts warn
Popular Twitter analyst Neko has recently observed that Bitcoin & # 39; s short-term four-hour candle remains fairly bearish. In a recent tweet, he noted that Bitcoin & # 39; s "bullish volume looks extremely weak" and that BTC has broken crucial support to $ 9,000, suggesting a further fall. He added that with Mondays typically "bloody," a fall to the $ 8,000 region is entirely possible.
$ BTC H4- Short Term
Still did not like the price action with $ XBT [19459011
– Bullish volume looks extremely weak, I expect it will still fall
– Bloody Mondays are typical, which will coincide with this further fall
– HTF I'm still bearish, not as much as before, but still bearisih pic.twitter.com/hp6l6VyTWF
– NekoZ (@CryptoNekoZ) November 9, 2019
Neko is not the only analyst who expects more pain to be seen. Bloomberg reported that a strong bearish continuation is likely to be in the works in an article titled "Bitcoin & # 39; s Break Below $ 9000 Risks Erasing Xi-Inspired Rally," Bloomberg wrote with reference to the chart below:
GTI Vera The Convergence Divergence Indicator shows a narrowing gap between the signal and vera lines, suggesting that a trend change may be on the horizon. If this happens, the largest digital currency could retest the low levels seen before the widespread run following comments from China's President Xi Jinping in October.
In other words, if a change in the beef trend occurs, BTC is likely to fall to $ 7,300 again, and this is where Bitcoin traded before Chinese leader Xi paid tribute to the blockchain in political settings.
Peter Schiff, a prominent gold bug, has thrown the weight behind this sentiment. After Friday's fall, Schiff wrote that "it looks like the Bitcoin pump is finally over," before adding that we should "get ready for the dump." Schiff didn't stop there. He later wrote that "Bitcoin will never hit $ 100,000," apparently in an attempt to curb hopes and dreams of the industry's hopefuls.
While Schiff did not explain his reasoning in this latest tweet, he has been quoted as saying that BTC is an unreliable store of values and a wrong investment, especially when grown against precious metals.
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