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Bitcoin Price about to Drop to New Lows, Traders Believe

  • Yuri Molchan
    📰 News

    Despite the recent attempts of Bitcoin to get over the $9,000 level, some crypto experts believe that the market is in for new lows that BTC may hit in the short term

Bitcoin Price about to Drop to New Lows, Traders Believe
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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After the Bitcoin price declined from slightly under $11,000 and lost over a thousand dollars within a few hours recently, it has so far recovered to the level of $8,334 and has been holding around that point, as per CoinMarketCap.

Many optimists are expecting the BTC price to surge soon and at least regain the ATH achieved in late 2017.

However, some crypto traders believe that the bears are about to gain control of the Bitcoin market.

 

Bitcoin price is likely to fall, traders say

The crypto trader @TheCryptomist reckons that the Bitcoin price is likely to decline, judging by the indicators on the chart, and BTC will hit new lows soon. Anyway, the trader remains bullish in the long run.

Another trader, @888Velvet, is of a similar opinion, simply posting a BTC price chart and leaving a bearish comment.

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Jihan Wu doubts the halving will make BTC price spike

As per a recent Forbes article, the founder of the Bitmain mining giant, Jihan Wu, does not believe that the BTC halving expected in May 2020 will have a bullish effect on the BTC price.

Many crypto experts and ordinary ‘hodlers’ strongly believe that the cut down of miners’ rewards will make BTC more scarce and thus would let its price soar.

Jihan Wu says that if the BTC price does not pump after the halvening, miners will have to ‘balance efficiency and computing power”.

 

Do you believe that the upcoming Bitcoin halving in 2020 will trigger a new bull market? Share your view in the comments section!

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester

  • Alex Dovbnya
    📰 News

    Tuur Demeester wants you to buy the dip as Bitcoin touches the support of its parabolic uptrend for the first time since March

Bitcoin's Parabolic Uptrend Remains Intact Despite Price Collapse: Tuur Demeester
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter. 

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Bitcoin Price Slashed to $6K. Is This Best Black Friday Sale?

Bitcoin Price Slashed to $6K. Is This Best Black Friday Sale?

Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin's parabolic uptrend that started at the beginning of 2015 hasn't been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000. 

Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin's massive run to $13,700. 

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Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

Crypto Analyst Doesn't Expect Bitcoin Price to Repeat Past Halvenings

As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range. 

Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.  

At the time of writing, BTC is sitting $7,313, CoinStats data shows. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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