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Bitcoin Price about to Drop to New Lows, Traders Believe
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
$btc
— The Cryptomist (@TheCryptomist) October 15, 2019
Drop imminent with both descending triangles on RSI and candle
Expecting new lows sooner than later
Still bullish long term however? pic.twitter.com/6HOoFLhZ9i
Another trader, @888Velvet, is of a similar opinion, simply posting a BTC price chart and leaving a bearish comment.
$BTC Bearish ?
— ?????? ? (@888Velvet) October 14, 2019
Chart is Self-Explanatory ? pic.twitter.com/sdHyXtha3j
Yuri MolchanJihan 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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