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Bitcoin Price Is Likely to Decline Soon: Bloomberg

Tue, 11/05/2019 - 17:52
Alex Dovbnya
The Bitcoin price is poised for another drop, according to one widely tracked indicator
Cover image via U.Today

In its most recent article, leading financial outlet Bloomberg claims that Bitcoin, the top cryptocurrency by market capitalization, is entering the overbought territory, which means that the coin's holders should brace themselves for another sizeable price drop. 

Bitcoin Price Rally in December 2017 Was Orchestrated by One Whale: Research

BTC's Global Strength Indicator is inching closer to 70, its highest level since August when the coin was flirting with the $12,000 price tag that turned out to be an insurmountable resistance. 

Bloomberg predicts that the same scenario could take place this time around if to consider that any attempt to reach the psychologically important $10,000 mark has been brutally rejected so far.

BTC has been stuck in the same price range ever since surging by more than 30 percent on Oct. 25 that was allegedly triggered by China's Blockchain endorsement.    

Unless Bitcoin manages to once again touch $10,000, the bulls are in serious danger of facing another sell-off in the short-term. 

Not everyone is just as bearish as Bloomberg. As reported by U.Today, Binance CEO Changpeng Zhao recently predicted that the BTC price could surge to $16,000 'soon-ish.'

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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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