Over the past week, Bitcoin has performed surprisingly well and has risen from the $ 6,100 price seen last Sunday to $ 7,200, the weekly assets high. Unfortunately, analysts warn that there is a malfunction to pre-recovery levels.
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Can Bitcoin Fall 20%?
There is no doubt that Bitcoin has been performing well over the past few weeks, as mentioned above, from $ 3,700 to the lowest levels at $ 7,200; rose up to.
According to an analyst and crypto trading Bible author Nik Patel, “An Altcoin Merchant Handbook” – however, a weekly close below $ 7,000 is probably $ 5,000. will return to $ 20,000 from $ 7,000.
Patel’s chart shows that it was the highest weekly $ 7,000 seen last week, which is important for technical analysis.
– Nik Patel @cointradernik Instagram photos and videos • Imgwonders April 4, 2020
A close below $ 7,000 seems likely; A few hours before the weekly candle started closing, Bitcoin declined from $ 6,900, and $ 6,700; fell to.
Related Reading: Crypto Tidbit: Bitcoin Supports $ 7,000, FATF Regulation, Coinbase Ethereum DeFi
Bull Forming Long Term View
Although there are signs of this negative in the short term, many are convinced that the long-term outlook for Bitcoin is a downside.
In the case, Anthony Pompliano from Morgan Creek Digital has recently identified two key trends that will serve as "rocket fuel" for the price of BTC: the rocket:
- Printing money as if there were no central banks and tomorrow: In order to prevent social turmoil and an economic depression caused by the coronavirus outbreak, central banks and governments have begun implementing urgent measures, distributing free money to consumers, lowering interest rates to encourage spending, and injecting trillion dollars of liquidity. entered the bond markets to keep the economy running.
- Bitcoin's halving Approaching: More than a month from today, the number of BTC mined every day is supposedly “halving. " This makes the cryptocurrency less than gold and orderan annual inflation rate of 2 percent and an annual growth of physical gold stock of 2 percent are assumed.
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