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Millionaire Bitcoin Trader: Bottom Isn't In Yet, Deeper Pullback Expected

ByBit
  • Joseph Young
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    Highly regarded bitcoin trader says the bottom for the dominant cryptocurrency isn’t in just yet following its 5 percent drop overnight

Millionaire Bitcoin Trader: Bottom Isn't In Yet, Deeper Pullback Expected
Cover image via www.123rf.com
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According to Zoran Kole, a highly regarded bitcoin trader, the bottom for the dominant cryptocurrency isn’t in just yet following its 5 percent drop overnight.

On November 8, within a span of hours, the bitcoin price fell from around $9,100 to $8,600 at the day’s lowest point, recovering to $8,800 since.

Technical analysts are generally gearing towards a bearish short term trend for bitcoin, which could slow down the momentum of alternative cryptocurrencies including Ethereum and XRP that have performed strongly throughout the past two weeks.

Why positive outlook for Bitcoin, Ethereum, and XRP is overturned

Initially, before the extended decline in the bitcoin price from mid-$9,000 to $8,600, some technical analysts were favoring a continued movement to the upside.

When bitcoin is relatively stable in a tight range for weeks, a large move has tended to historically to occur after the sideways consolidation.

However, as a strong support level at $9,200 started to weaken with multiple tests in a short time frame, BTC ultimately broke down below, causing a cascade of long contract liquidations across major cryptocurrency margin trading platforms.

With BTC below $9,000, analysts are struggling to find both technical and fundamental factors that could catalyze a bitcoin large rally to immediately recover from this week’s pullback.

TD Ameritrade executive JJ Kinahan told Bloomberg:
“It’s had a decent move to the downside today, but to me, it’s going to remain range-bound for a while. I don’t know what the stimulus would be to take us outside of that range. It’s similar, to me, to what we see in the market overall.”

While alternative cryptocurrencies could outperform bitcoin in the upcoming days, if the bitcoin price falls below key support levels, assets like Ethereum and XRP would still record losses against the U.S. dollar.

Bakkt is a variable but not a big enough one

One minor factor is the consistent increase in the daily volume of Bakkt, a bitcoin futures market operated by NYSE parent company ICE.

On November 8, when the bitcoin price began to fall sharply against the U.S. dollar, Bakkt said that the company set a new record high daily volume.

“Today we set a new daily record of 1,756 Bakkt Bitcoin Futures contracts traded,” the Bakkt team said.

Due to its highly anticipated launch and expectations of traders that the volume of Bakkt will rise as brokers prepare to integrate it into their systems, it remains unclear whether the market would price in such developments in the short term.

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About the author

Joseph Young is an analyst based in South Korea that has been covering finance, fintech, and cryptocurrency since 2013. He has worked with various recognized publications in both the finance and cryptocurrency industries.

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Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff

ByBit
  • Alex Dovbnya
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    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
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.

Contents

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

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Peter Schiff Reacts to Sudden Bitcoin Price Drop: "Get Ready for the Dump!"

Peter Schiff Reacts to Sudden Bitcoin Price Drop:

"You're being played"

Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

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Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

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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