Wednesday, April 8, 2020

Will bitcoin fall below 4K and touch the bottom of the arc?

The Takeaway:

Bitcoin hash rate ascended despite the drastic fall in its prices, busting the myth of hashrate influencing the valuations of the cryptocurrencies. The crypto coin is witnessing a plunge and the analysts forecast a further descend of BTC. In this article, we have covered significant analyzes predicting a drop to $6,000 and below.

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The crypto bulls ignored the BTC red flags to focus on the increased hashrate, linking it to an imminent sight of a price hike. However, today, the tale is left isolated as not only did bitcoin price saw a steep fall, the hashrate also doubled, aiming again at the all-time high. 

Chaintimes reported it earlier that hash rate is not a determinant of the cryptocurrency’s price and believing that hashrate reflects the pricing is a total false lead. It is a myth that has finally been busted. Currently, bitcoin is supported by the red zone and has taken the wheel to ride more down the hill. Analysts predict the situation to get worse as bitcoin is heading towards the biggest decline since last November. 

 

Bitcoin might break the bearish records

A twitter user highlighted the possibility of the crypto coin to record the most massive weekly drop since 2018.

Bloomberg reported the slump of bitcoin below the critical indicator as it trades below average for the first time since April.

BTC on the track of freefall

tntsunrise, the crypto analyst on TradingView shed light on the ongoing bearish chart pattern. The examiner suggests selling bitcoins as soon as there is a pullback in the prices. The hike is predicted to be short-term, as the cryptocurrency will again slide downside. 



BTC break neck line and targeting 7540 by tntsunrise on TradingView.com

A Twitterati highlighted the risk of bitcoin falling below $6,000 

Bears can claw deeper than anticipated

Another interestingly named analyst, MagicPoopCannon, states his side of analyses pointing at the imminent touch of bitcoin to the bottom of the arc before it makes a comeback. According to the user, the history is on the way to repeat itself and warns about a dip as low as $3,000. 



Warning Signs Point To A 3K Retest! Important Conditions Inside! by MagicPoopCannon on TradingView.com

As per the analysts, Bitcoin is fueled to follow a bearish pattern for a longer time, and short sell is suggested. Even if the bulls pull the price, it is considered to be a temporary hike which might slump the crypto coin to a deeper level. 

The uncertainty is high in the community. Traders are advised to be diligent before making a decision. Your insights about the future of BTC are welcome in the comment section below. 

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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.

3 Comments

  1. Always knew this was a big con a big scam. They have taken my money and I have heard nothing since. Do not buy into this bitcoin scam . So many people now realise they have been scammed.

  2. Bitcoin is slowly dying off, i highly suggest people take profits or cut losses quickly, there are no catalysts or solid fundamentals to make it slingshot back to a new ATH. Bitcoin will not get anywhere unless its regulated for investor safety. It is too speculative, Technicals are irrelevant with an unregulated asset. Dont say i didnt warn you, i was right about bitcoin in 2018 and ill be right again.

  3. Its a speculative investment with tons of potential..once all the weak hands are out of the market ..or 90% of them ..it will pump back up to $45-$50k by middle of 2020..a definite

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