January 24, 2020

The Crossroads Sign Appears As Bitcoin Has Prospects to Hit $2,300

The Crossroads Sign: Bitcoin to Hit $2,300?

NewsBTC analyst Yashu Gola explained when the rate of the coin would drop by 75%. Coindesk expert Omkar Godbole and Satoshi Wolf trader, on the contrary, are confident that it will go up to $ 9,200. 

Bitcoin could fall in price to $ 2,300, NewsBTC analyst Yashu Gola suggested. This is evidenced by the fact that on the chart of the first cryptocurrency, a “death cross” figure was formed, expressed at the intersection of the 50- and 200-day moving averages, the expert believes.

He showed that the same pattern was on the Bitcoin chart in April 2018, when the asset was trading at around $ 6,000. Within two months after this, the coin went up to $ 10,000, but then it went into a phase of a long-term decline in value and fell to $ 3200 by the beginning of 2019.

Bitcoin is in a similar situation right now, Gola said. He said that the “death cross” on the chart of the coin formed in October last year, after which its value soared from $ 7,000 to $ 10,800 in a few days. Following this, the cryptocurrency began to become cheaper, as it was in 2018.

The analyst believes that if his assumption about the “death cross” is correct, the value of Bitcoin will fall by about 75% within six months. But Coindesk analyst Omkar Godbole expressed confidence in the opposite.

In recent days, the Bitcoin exchange rate has dropped several times to the support line of $ 8450. The fact that the price of an asset each time recovered after a fall speaks in favor of its growth, the expert is sure. He suggested that the rate of the first cryptocurrency rise to $ 9,200 if it overcomes resistance at $ 8750.

If the value of Bitcoin falls below the support level, then it is likely to continue to decline to $ 8,200, and then to $ 8,000, the analyst added. But, in his opinion, this is unlikely, since the rate of the first cryptocurrency is still in an uptrend after leaving the six-month downward channel. In addition, Godbole emphasized that a 4-hour chart shows a decrease in sales volumes, indicating the weakness of the “bears”.

The Bitcoin trader is also convinced that Satoshi Wolf is a trader. In his Twitter account, he published a chart showing that as the coin’s price fell from $ 14,000, the high of the previous year, sales volumes also declined.

This indicates the reluctance of market participants to sell Bitcoin at the current price and their confidence in its price increase, the trader suggested. Other factors for the growth of the coin rate, he called the upcoming halving and a rebound from the historical level of support, as Peter Brandt said in December.

Disclaimer

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.

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