Earlier today, the Bitcoin price dropped below $7,000. This price move coincided with the confirmed rumors of the hack against the South Korean Upbit branch. It was later confirmed that around $50 mln in ETH was stolen in an unauthorized withdrawal.
At press-time, the flagship cryptocurrency is trading in the $7,200 area.
The crypto trader ‘The Wolf of All Streets’ believes that a bullish divergence may appear on charts soon and this may push the BTC price upwards.
Bullish forecasts on Bitcoin
‘The Wolf of All Streets’ believes should the daily trading close below $6,880 it might create the necessary momentum for further growth.
$BTC— The Wolf Of All Streets (@scottmelker) November 27, 2019
Still waiting for a daily bullish divergence with RSI to signal a likely bottom. The move down today made it possible. We are close. A daily close below $6,880 or so would create this divergence in oversold territory on the daily line chart. pic.twitter.com/AwRbhIg8Fn
Earlier today, the crypto analyst Crypto Dog expressed a view that the Upbit incident (‘inside job’ as it was referred to by some) made the Bitcoin price go down. However, instead BTC has reversed by around $500.
Thanks Upbit 👍— The Crypto Dog📈 (@TheCryptoDog) November 27, 2019
Another crypto trader, @MacnBTC, is also bullish on further Bitcoin price movements. He reckons he has found a long-term bullish scenario.
This is the most bullish LTF case I can think of for $BTC— Mac ❄️🐺 (@MacnBTC) November 26, 2019
Low volume PA - nothing bullish atm.
Funding staying negative and OI stable/decreasing.
Low volume dump into daily then pump? Hm pic.twitter.com/DXPCQ8leml
Bearish point of view
However, some crypto traders believe in a bearish turn of events. @BTC_JackSparrow reckons that the current situation on the charts looks similar to what it was like when Bitcoin dumped from $6,000 to $3,000 last year. Back then, in the fall, many Chinese miners were getting out of business.
Some have been talking recently about a possible miner capitulation ahead of the approaching Bitcoin halving. Part of the community hopes that the reduction of miner rewards will kick the Bitcoin price up. The other part thinks that BTC will drop since a great deal of miners may quit, because block rewards will be cut by two.
@BTC_JackSparrow makes his point of view clear regarding the future BTC price.
I don't know, I'd guess it would drop— //Bitcoin 𝕵ack (@BTC_JackSparrow) November 26, 2019