Bitcoin price is flashing a bearish signal and will likely dip further before resuming its long-term uptrend, according to analysts.
The price of Bitcoin (BTC) has been hovering around $10,000 since late June but has struggled to make any movement above that crucial level after global regulators poured cold water on social media behemoth Facebook’s ambitious plan to create its own cryptocurrency.
Predicting what could happen in the next few weeks, one commentator appeared unconvinced the top-ranking cryptocurrency is in a good position in the short-term.
Bitcoin bullish momentum is on hold
Bob Loukas, the investor and trader who gives regular Bitcoin price updates on social media, notes Bitcoin positive momentum that commenced in December 2018 is in a state of uncertainty. And as Bitcoin is now recording a series of lower highs in sequence, Louka expects a sharp drop closer to $7,900.
According to him, $7,900 is a high area of interest where a lot of buyers are waiting to buy the dip in haste. The market could regain its bullish composure once this round of correction is over.
“Buy and hold as if it’s going to rocket out of this consolidation. But know the intermediate-term rally from Dec lows ended. Therefore, a major shakeout from this consolidation, before a continuation, would be perfectly normal behavior.”
4-Year Journey and #HODL followers.
Buy +hold as if it’s going to rocket out of this consolidation.
But know the intermediate term rally from Dec lows ended. Therefore, a major shakeout from this consolidation, before a continuation, would be perfectly normal behavior. pic.twitter.com/NnDBuNeZil
— Bob Loukas (@BobLoukas) August 23, 2019
Meanwhile, Nigel Green, Founder/CEO at deVere Group, says the current BTC price trend could indicate that Bitcoin is on the verge of another bull run as historically, low–volatility periods in Bitcoin have always preceded extended bull runs.
Green, according to The Independent, believes the next Bitcoin price rally will have a lot to do with the escalating trade dispute between the US and China.
“Escalating tensions between the two world’s largest economies will see investors pile into decentralized, non-sovereign, secure currencies, such as Bitcoin, to protect them from the turmoil taking place in traditional markets.”
Image source: Flickr
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