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.
#Bitcoin on track to record the BIGGEST weekly DROP since Nov 2018
A mean reversion trade is on the cards pic.twitter.com/zbHf5nrIgM
— Naeem Aslam (@NaeemAslam23) September 27, 2019
Bloomberg reported the slump of bitcoin below the critical indicator as it trades below average for the first time since April.
— Bloomberg (@business) September 27, 2019
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.
A Twitterati highlighted the risk of bitcoin falling below $6,000
The price of #Bitcoin fell below $ 8,000 twice a week. If Bitcoin doesn’t return to levels above the 200-day moving average ($ 8300), it risks falling to the level of $ 6200. pic.twitter.com/MmmrGVFXWf
— StealthEX (@StealthEX_io) September 27, 2019
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.
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.