This week's monumental market crash has resulted in Bitcoin dumping 20 percent in just a few days. Technical indicators now show that a trend reversal may be imminent and the end of the beef market in 2019 may just have begun.
Bitcoin Bull Market Over?
Bitcoin could only manage a slight rise to $ 8,640 in recent hours. indicating that more pain is ahead. The bulls have all left for hills and are leaving the bears prepared to inflict more pain on crypto markets.
At the time of writing, Bitcoin has withdrawn below $ 8,400, but seems to be staying here for the time being. So far, there has been no fall in the $ 7,000 region, but the longer BTC shines around current levels, the more likely this will be.
Trader & Analyst & # 39; Crypto Hamster & # 39; noted that BTC has never fallen out of Bollinger Bands in a bull market before.
“Bitcoin has NEVER fallen below the lower Bollinger Band in a bull market so far. Now it's at ~ $ 7700. So either ~ 8k is a bottom, or this is no longer a beef market. ”
Bitcoin has NEVER fallen below the lower Bollinger Band in a bull market so far.
Well it's at $ 7700 $.
Then either ~ 8k is a bottom, or this is not a bull market anymore. $ BTCUSD #bitcoin $ BTC pic.twitter.com/1tNIoCzS9g
– CryptoHamster (@CryptoHamsterIO) September 25, 2019
Confirmation of this trend reversal would be a death cross in the daily chart. This is still a while away, but the last time 50 MA fell below 200 MA was in March 2018 and a year-long bear market followed.
The bearish view seems to be spreading. Analyst Josh Rager pointed out that sales pressure on altcoins is still strong, indicating that there will be no return from this level.
"Have seen more sales pressure after Bitcoin degradation – people realize this is not & # 39; It will probably be a quick" v "reversal. I expect some alts will see new low levels this year towards Bitcoin. lose 20% + more as Bitcoin is likely to hit $ 7 dollars again. "
Others believe that altcoins have already bottomed out and that Bitcoin loss may be their gain. Currently, BTC dominance is still above 70% Tradingview.com, so this scenario is not playing out yet.
Since the beginning of the week, crypto markets have dumped over $ 40 billion, or 16 percent, and could easily fall below $ 200 billion again if BTC falls back to $ 7,000. is very unlikely that altcoins will recover independently as they did two years ago.
Some analysts predict a fall below $ 6,000 that could make things very interesting.
“2 months ago, 12-17. July I called off the B Wool Run as one of the first. Not only that, as you can see, I told you about goals between 7.4-5.5k. ”
Two months ago, 12-17. July I called Bull Run as one of the first. Not only that, as you can see, I told you about goals between 7.4-5.5k.
Many saw reversals of 9-8k, but AS many until yesterday still thought we would see new highlights.
Now look at what ppl say today. pic.twitter.com/xit7aPdcqN
– D4rkEnergY 🔥🔥 (@ D4rkEnergYYY) September 25, 2019
Most analysts seem to agree that it is still more pain to come for Bitcoin. The questions remain: how low will it go this time and how many will buy the dip?