Bitcoin Price May Face Bearish Reversal to $5,500 Area Through Long Squeeze: Analysts

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Mon, 12/02/2019 - 12:18
Yuri Molchan
Crypto analysts are warning that the Bitcoin price may now be re-entering a bearish trend and could face a massive decline
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With the Bitcoin halving less than half-a-year ahead, Bitcoin is holding in the $7,300 area at the moment.

Even though a few days ago it managed to come close to the $8,000 mark, now analysts are tweeting that things may turn bearish here.

‘BTC price signaled a bearish inside-bar’

The analyst @BitcoinEinstein warns that after the price closed below the inside-bar support (at the $7,452 level) it is now highly likely that BTC will resume a bearish trend and will be targeting the $5,500 area.

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Bitcoin Price Drops to $7,200, but It Might Surge to $7,800 Sooner Than You Think

‘Is BTC setting up for a long squeeze’?

Crypto analyst @themooncarl writes that on Bitfinex a quick stacking up of BTC longs is visible and it is about to reach an all-time high. He believes that Bitcoin could be preparing for a long squeeze, which means further selling and a massive price drop.

Related
Bitcoin Price Likely to Surge to $13,000 after Trading Sideways: Crypto Analyst

Bitcoin may surge after the drop

However, in the comment thread one user reckons that after BTC makes a bearish reverse, a price surge may follow.

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, can be contacted at yuri.molchan@u.today.

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