Michael van de Poppe who is considered a very knowledgeable trader and analyst, thinks Bitcoin may soon make a downturn to under $5000 per coin. He had come to this conclusion because of the currency’s inability to break the $7000 to $8000 point line. He sees this as a clear sign that a loss is inevitable in the foreseeable future.
He recently tweeted:
“Bitcoin: A swift rejection here at $6,900. It can still hang around this area for a bit. If we break back above $6,650, I’m expecting another tap of the $6,900-7,000 area. However, all-in-all, remaining to expect $5,400 and $4,800 to be tested in the coming period.”
There is considerable speculation that BTC needs to break or reach $8000 for investors to feel safe and avoid a quick sell out which will see the price drop significantly.
Johnny Moe who is also well known for his analyzing shared his own observations on Twitter, this is what he tweeted:
“If you asked me where I think $BTC is heading fundamentally in the next few months, I’d tell you I’m bullish as hell.
But if you just look at the chart, all I can see is this large bear flag right into horizontal resistance. $BTC”
Such comments can certainly work for or against the BTC. For many its a tough call as financial advisers want to see the BTC fall while others hang there hopes on the investment made to return good dividends.
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