Down 80 percent from its all-time high (ATH), trader Brian Stutland says a bounce for BItcoin might be coming as “this is the bottom.” While according to technical analyst Crypto Yoda, price action doesn’t reflect a strong bull spike and further $1k is a real possibility.
Bitcoin Tanking, Groundwork for a Technical Bounce?
Bitcoin is crashing, having dropped 80 percent from its peak. At the time of writing, Bitcoin has been trading at $4,024 while registering 24-hours gains of over 8 percent. The leading cryptocurrency is managing the daily trading volume of $6.2 billion.
Bitcoin 1-year price chart, Source: Coinmarketcap
According to trader Brian Stutland, Bitcoin could be laying the groundwork for a technical bounce after snowballing. He said, “my be this is the bottom”.
Stutland explained that Bitmain is coming out with a new mining hardware that works faster than their previous counterparts. Whenever new versions enter the market, he says, prices takes a dump. He further shared with CNBC’s Futures Now that the bubble has burst as it goes down 80 percent from $20,000 peak and that’s when the bottoming process starts.
Crypto trader, Crypto Hustle shared similar positive sentiment while further Tweeting about the new developments,
— ฿TF%$D! (@CryptoHustle) November 28, 2018
Price Action Indicates Negative Implications
The market is in green today but it doesn’t take much for it to turn red. Crypto enthusiast and popular technical analyst Crypto Yoda is not positive of the green movement as he says,
price action not convincing imho. expecting capitulation soon, will be quick & violent. ur favorite engine might not be able to handle the volatility — plan ahead. strong support around $2800-$3000. if 3k support fails it won’t stop before $1000-1200, be prepared, almost there. pic.twitter.com/LB9azfx8pF
— CryptoYoda (@CryptoYoda1338) November 27, 2018
Despite 1k being a real possibility, he says “probability of stopping at 3k zone is significantly higher than 1k, but both targets in the range of possibility.”
As for how far this bear market could extend, Crypto Yoda comments,
“Last breaths of the bear currently IMHO. As said, quick capitulation, then hefty rebounce. Days to weeks.”
Despite the crypto market being red, not everyone is hopeless as Binance CEO, Changpeng Zhao shares a positive sentiment,
Uncertainty = opportunity https://t.co/IS923KaTaq
— CZ Binance (@cz_binance) November 28, 2018
Crypto enthusiast Ruigo shares,
Regardless of price, Bitcoin is still:
The soundest money to date
Limited to 21 million coins
Resistant to censorship
Running for ten years
— Rui Gomes (@ruigomeseu) November 27, 2018
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