Peter Brandt had recently said that he expected Bitcoin to lose its status and be no more. His belief created a stir among the Bitcoin community and many responded to what was declared. Some were not sure what to expect while others felt there was till some hope, but everyone had seen the numbers for Bitcoin drop below $6,000 and the fear was, would this continue?
Denis Law tweeted:
Bitcoin price is becoming bearish on shorter timeframes as global markets are still pricing the coronavirus pandemic. The latest data suggests that there are now almost 800,000 wallets with a balance of at least 1 BTC – more than ever before.
Crypto Michael tweeted:
What if that also means that we’re going to find support at the 300-Week MA? 100-Week MA was supported in 2012, 200-Week in 2014-2017. 300-Week MA accumulation before the peak to 2025-2026 with BTC at $150,000?
Tone Vays tweeted:
Flashback: June 2019 when $BTC hit $13,800 – “I didn’t think it was possible to drop back down to $3,000 but I do now” – @uglyOldGoat1 – “I can see a prolonged #Bitcoin Bear Market for 6-9 Month.
He also shared a video on his tweet that can be viewed on YouTube. There was steady conversation between many of the cryptocurrency analysts about this they shared their thoughts as well. They replied by sharing what they thought.
One person said:
So you’re saying BTC will be in the range between 3k and 6k over the next 2+ years? I don’t think that BTC holders will be happy with that.
You are right. But I think there will be a new Bitcoin holder emerging if the price will be $3K.
There are many views on what will be the future performance of Bitcoin and it seems that the drop might continue but only time will tell. As we speak the currency rebounded to return to over $6,300 plus.
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