The cryptocurrency market has been on a roller coaster ride in recent months, with Bitcoin dropping from its all-time high of $20,000 to $6,000 in mid-December. The most recent sell-off was triggered by fears of regulation, but the short-term outlook is far from positive as the outlook for the underlying technology remains unclear.
Bitcoin price has increased by more than 9% in the past day, but is still quite far from reaching the $30,000 mark, as indicated by a prominent trader. The head of technical analysis at Fundstrat, Tom Lee, recently said that he expects bitcoin prices to fall to $15,000 by the end of 2018. He also warned that bitcoin will fall below $2,000 in the future unless the world adopts a regulatory approach. This week, Coinbase also announced that it will be launching a custodial service for institutional investors in January 2018.
A bitcoin trader has warned that a sell-off in the cryptocurrency is likely to hit $30,000 if the price falls below $30,000 today. Tom Lee, head of research at Fundstrat Global Advisors, said the next bitcoin price drop is “likely to happen”.. Read more about why has bitcoin dropped so much today and let us know what you think.Bitcoin (BTC) was traded on the 8th. June has come alarmingly close to the $30,000 support level, while new forecasts indicate impending lows. 1-hour candlestick chart of BTC/USD (Bitstamp). Source: TradingView
BTC price suggests a move below $30,000
Data from Cointelegraph Markets Pro and TradingView tracked the BTC/USD pair, which lost 9% overnight Monday and Tuesday. No good news could help the bulls, and possible breakthroughs in the Latin American implementation don’t seem to be boosting the sluggish price action. Even US Treasury Secretary Janet Yellen failed to improve sentiment when she spoke out in favour of higher inflation. Instead, bitcoin dropped to $32,000 and rebounded to $33,000 at the time of writing. For the popular crypto ed trader, the predictions were disappointing – and even included a drop below the $30,000 mark. The white ABCs I posted for the weekend did, he shared with his followers on Twitter, referring to the predicted price reversal. Now in the green zone, but I expect another drop today, then a jump to ~35k. From there, back down below 30k, or right up, but the latter looks more like a miracle.BTC price chart from Crypto Ed with ABC structure. Source: Crypto Ed/Twitter
Moving averages cause an alarm
According to the Cointelegraph, traders are already wary of a potential death cross between two major moving averages that could be a harbinger of further declines. According to Timothy Peterson, investment manager at Cane Island Alternative Advisors, this may not just be the case in the short term, as BTC/USD has been below its 200-day moving average for nearly three weeks. This move *always* marks the end of a bull market and the beginning of a bear market, he added in a commentary Monday. Bitcoin price action versus 200-day moving average chart. Source: Timothy Peterson/Twitter Bitcoin’s price is under a lot of pressure lately as the cryptocurrency is down nearly 9% over the past 24 hours, with traders speculating that the digital currency may soon hit a fresh low. On Monday, Bitcoin traded as high as $28,992.98, its lowest point since Jan. 7, according to CoinDesk.. Read more about why is bitcoin dropping so much today and let us know what you think.
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