The Bitcoin exchange rate had yesterday lose properly. The BTC price has fallen within just one day, more than 10% and the psychologically important 9,000 mark has fallen again. On the way down most of the Altcoins have come under the wheels. Although the Bitcoin rates rebounded on its strong support at approx. 8.650 USD back to the top, and is moving currently at approx. 8.890 USD, but many analysts are already talking about that in the next days and weeks to even deeper lows to be expected. It is therefore a further Bitcoin price Crash? We look at the statements of the analysts more closely and try to rate this lens.
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Bitcoin exchange rate triggers Altcoin massacre
We already have reported yesterday about the carnage on the crypto-roads. The ‘gains’ of the last few weeks have been destroyed within a day almost completely. Especially the Altcoins have a nibble at the current Situation. Most of them are much like more than Bitcoin itself. This is mainly due to the high dependency and the correspondingly high level of market dominance, which is now back at approx. 63,9%. This makes it clear that the risk with Altcoins is much higher than that of the clock BTC.
As we know now, on which Asset we need to pay attention to in order to understand the overall situation in the market, better, look, we are now again explicitly on the Bitcoin exchange rate. About two weeks ago the BTC price has broken for the first time in a long time, the 10,000 USD mark. Unfortunately, it was not possible to the cops, this strong resistance, sustained break through it. The Bitcoin exchange rate was able to decide for days for no direction, and moving the $ 10,000 mark. Plenty of room for Altcoins that have a Chance to take partial profits by over 100% to make was. However, the Altcoin Party lasted only as long as the BTC price allows.
As the Bitcoin price has failed again on Monday at the 10,000 USD mark, everything went very quickly. Within just a few days, the BTC is down and price more than 1000 USD. The cops handed over the scepter to the bear and out of the market adopted. Many analysts believe that the current ‘Event’ was only the beginning and much lower rates in the near future. The main reason is the 10,000 USD mark which could not be sustainably broken up. This is probably the turning point in the eyes of some analysts, a clear trend. Let’s look at what one of these analysts expected for the next few weeks the Bitcoin exchange rate.
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Analyst assumes a BTC price of 8,000 USD
DonAlt, one of the most prominent analysts on Twitter, recently stated in a Tweet that the BTC rate is now some strong support levels further. He, however, expecting so that it continues to go downhill, until the Bitcoin price reaches $ 8,000 USD brand.
$BTC update:
Falling knife slicing through hands left and right.
Approaching interesting areas, this isn't really the worst place to take some profits and I might close a quarter into this weekly support here.
The Rest is still headed for roughly 8k. pic.twitter.com/Lgkeniu6ru
— DonAlt (@CryptoDonAlt) February 26, 2020
He said that it is not wrong currently is to take some profits and to wait for the $ 8,000 USD. At this point it should be said, however, that DonAlt a professional Trader follows a certain trading strategy. Therefore, it is probably for the average Investor who has invested for the long term in Bitcoin, to sell currently, there is no reason for its existence. For the one or the other Trader but it might be the chart analysis of DonAlt, perhaps, inspiring.
Not 6.000, but also no 20,000 USD per Bitcoin
DonAlt, the current Situation is still relatively realistic, if we compare it with the statements of the Twitter crypto-analysts. There are also the voices that the Bitcoin rate will soon be at 6,000 USD and deeper currently, getting louder and louder. Theoretically everything is possible, but a severe downturn, we do not need to be assumed currently. In between quite a lot of support zones lie still. In addition, we must not forget that the Bitcoin Halving is due soon. This is a pretty bullishes event. What we can say goodbye to but is that the Bitcoin price climbs before the Halving on the old all-time high of $ 20,000. Something really unexpected positive would have to happen. The chances of this however are not so good.
In the end, we can determine with the help of technical analysis probability of Occurrence, and important zones to identify. A guarantee that it will occur as described, there is not and there never will be. No one can look into the future. Therefore, it makes sense, if one wants to position itself in the long term, in Bitcoin, to rely on fundamentals and the Usecase behind it, and by technical analysis to a little trick. In the end, none of what will happen in the future, more white. The fundamentals for Bitcoin are still green.
Will fall in the Bitcoin rate, another Flash-Crash victim? How deep the BTC price will go down?
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Bitcoin price crash worse than feared? Analyst sees further Crash appeared first on crypto Monday – Decoding the Blockchain