BITCOIN PRICE CRASH BACK TO $3.8K
Stay tight Everything goes awful. Last night, experienced Bitcoin trader Fil₿ Fil₿ published his analysis of the bitcoin price movement. And that's not nice at all. He just said,
As the caption above this sobering chart:
He no longer comments on his tweet. The graph almost speaks for itself. You can see Bitcoin forming a bullish double bottom, repeating the same lows that were reached earlier this month, sometime in the next couple of weeks. The same picture has been seen twice in the Bitcoin chart over the past 6 months and usually led to new heights.
Still, if his predictions are right, the price of BTC around the time of the halving is less than ideal at under $7K.
This will be a test time for many miners using old equipment that cannot fail even at that price. Of course, as in all price forecasts, nothing is laid in stone. It is also possible that the number one encryption tool continues to grow.
Other prominent analysts, including Peter Brandt, seem more confident that Bitcoin will start showing itself as it continues to recover. He pointed to the "perfect storm" for Bitcoin, stating that now is the time to "make or break it." March 27 He said:
If Bitcoin cannot agree to this, there are serious problems with cryptocurrency
Of course, Phil's analysis of Philo has met with the usual commentary that the camp is in fact divided into the future direction of Bitcoin's price.
Although many agreed, there were many followers who lowered his offer. Interestingly, another active trader, Bitcoin Jack, also draws attention to the short-term trend of the bears. However, this requires higher minimum prices (at least in the short term) from $ 4,500 to $ 4,800:
Took time off this weekend from the charts
>back in my own place
>moved some stored stuff back home
Will catch up with DM's and notifications tomorrow
For now, this is an interesting price level
If we close with an SFP (>6060) I will add margin to my 4500-4800 longs pic.twitter.com/jQ8Dvl9hS0
— //Bitcoin ????ack ???? (@BTC_JackSparrow) March 29, 2020
LONG-TERM OUTLOOK STILL BULLISH
Of course, Bitcoin HODlers are used to a rollercoaster ride when it comes to the cryptocurrency markets. For those in it for the long-term, a dramatic Bitcoin price crash to $3.8K shouldn’t phase them all that much.
The price drop may cause miner capitulation. However, it will also be the perfect chance for more people to get on board. And with all that QE going on, the long-term outlook is bullish for speculative investments in general. Once the virus fades, the trillions of dollars of economic stimuli will still be floating around–and eventually, find a home.