Tuesday, November 30, 2021

Bitcoin remains bearish as analysts warn a major crash ahead

The Takeaway:

After crashing over 13 %, trend analysts are predicting that bitcoin might test below $6,000. After hovering around $10,000 for a few weeks bitcoin finally broke below $8,000 and if the trend is to be followed the leading cryptocurrency might slight further down before hovering around $8,000

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After riding highs of the year and touching $13,000 bitcoin has entered in bearish territory. Price of bitcoin hovered around $10,000 for more than three weeks. On Tuesday the price slumped down from $9,500 to $8,000 in a jiffy. At the time of writing the price of leading cryptocurrency is changing hands at $7,950. 

Trend analysts believe that bitcoin has already established a major top and things are only going downhill from here. After testing a support level at $9000-9500, now it is retesting it at $7,000. If bitcoin fails to hold on to the new support level, we might see it slide down to the lows of this year around $3,000. 

Analysts had earlier observed a descending triangle pattern that bitcoin was following and had warned that it is mostly followed by a fall in the price. The predictions came true as the price broke below the descending triangle on Tuesday. 

Now analysts are predicting that bitcoin is heading towards $3,000 if it fails to hold on at the current price. Before hovering around $8,000, bitcoin is likely to test the lower support. Earlier, Euro Pacific Capital CEO, Peter Schiff tweeted that after breaking descending triangle bitcoin might further slide down to $4,000 or lower. 

Peter Schiff is not the only one who is bearish in the bitcoin market. Trend analyst Josh rager echoed the same opinion as he predicted that if bitcoin fails to maintain at $8,000, it might head downwards. 

Let us know in comments your views on bitcoin crash, and where do you think it is heading?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Thomas Allums
Thomas Allums
Although Thomas is an experienced writer, he is also a passionate musician who loves to travel often. He is based in New York and loves to spread the word about decentralization throughout his neighborhood.

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