ADVERTISEMENT

[email protected]

  • Submit Press Release
  • Submit Guest Post
  • Write for Kryptomoney.com
Latest Crypto News
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
Latest Crypto News
No Result
View All Result
Home News

Analysts: Bitcoin Crash Not Extreme, Bullish Sentiment Outweigh Bearish, Reasons Why?

Analysts Believe There Could Be a Squeeze up in Its Price Further

Tomiwabold Olajide by Tomiwabold Olajide
March 14, 2020
in News
0
Bitcoin
0
SHARES
339
VIEWS
Share on FacebookShare on Twitter

Bearish sentiments took hold of Bitcoin as it wobbled without support on Thursday in the biggest crash it had ever recorded since the beginning of the year. Bitcoin succumbed to pressure which brought it down from its key levels of $7,700 to trade as low as $5,578 shedding off 40% in the 24-hour range. The carnage continued until the top crypto asset marked a new year low of $3,858, down by more 50% from its weekly high, the worst sell-off it had ever recorded since 2013.

Many analysts weighed in giving the reasons for the brutal crash. Some attributed it to the view of BTC by investors as a risk-on asset rather than a safe-haven. Raoul Pal opined the fall may be attributed to liquidated hedge funds in BTC longs. Ross Middleton of crypto exchange DeversiFi attributed this to weakness in traditional markets coercing institutional investors out of their positions on Bitcoin. Digital Galaxy CEO, Mike Novogratz, disagrees, saying that institutions can’t influence that kind of sell-off, he opined, it was created by leverage traders who indulged in panic selling.

However, the majority concur that the key factor influencing BTC price at the moment is the coronavirus pandemic and the stock market crash, coupled with the gold price.

In a relief rally, the bulls were able to reclaim the $5,000 level as it rebounded to a high of $5,900 on Friday, gaining 50% in this move.

Analysts believe there could be a squeeze up in its price further.

The Bullish Stance Explained

Analysts see bullish momentum building up for the top crypto asset in the near term. Pseudonymous trader, Filb Filb gave three reasons for his bullish stance:

First, the short-term chart has printed Adam and Eve-bottom, the Adam and Eve formation is typified by a sharp and deep first bottom on high volume (Adam). A rebound occurs and leads up to a gentler correction, printing a second bottom (Eve) on lower volatility.

Second, the BitMEX funding rate is indicating a bull favored movement depicting a reversal.

Third, buying support is gradually building on the bid side of the order book.

Trader CJ who maintained his bullishness stated that the top asset has initiated trading above a “swing low pivot,” diagonal support that has bolstered the price since the crash bottom, showing on a 15-minute chart the 0.75 level of the range, while BTC price consolidates beneath resistance levels.

Co-founder of Morgan Creek, Anthony Pompliano admitted buying BTC at the recent dip, stating that the market condition may act as a propellant ‘Bitcoin Rocket Fuel’, in his words. Pompliano says he’s confident that recent developments on the macro stage are propellant for the major crypto.

The Bearish Case Proposed

Ross Middleton and Raoul Pal, both financial analysts believed Bitcoin’s crash was caused by the traditional markets, in which case if the traditional markets sustain its volatility, BTC bearish trend may continue as investors try and hedge their portfolio risk in these hard times, forcing them to give up their BTC positions.

Image Credit: Shutterstock

Tags: Anthony PomplianoBTC Price PredictionBTC/USDMike Novogratz
Previous Post

Ethereum Price Analysis - ETHUSD Bounces Back to $130

Next Post

Market Meltdown: ETH DeFi Key Player, MakerDAO Weighs up Emergency Closedown

Next Post
ETH

Market Meltdown: ETH DeFi Key Player, MakerDAO Weighs up Emergency Closedown

Recent Stories

Quickly

Financial Advisor Introduces Petition for the UK Government to Ban Crypto Transactions

January 15, 2021
LTC Price Analysis: Steep Correction on LTC/USD From $186 High, Flare Networks Announces Litecoin Airdrop

LTC Price Analysis: Steep Correction on LTC/USD From $186 High, Flare Networks Announces Litecoin Airdrop

January 15, 2021
Bitcoin

Bitcoin Falls Below $35k Despite the Unveiling of Biden’s $1.9 Trillion Stimulus

January 15, 2021
cryptocurrencies

The Impact Of Cryptocurrencies On The Global Marketplace

January 15, 2021
What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

January 14, 2021
Trading

PayPal Crypto Trading Volume Climbed $242 In One Day

January 14, 2021
Bitcoin

Government of Pakistani Province Announces Launch of Bitcoin Mining Farms

January 14, 2021
Ethereum

Google Data Reveals “Ethereum” Searches Hit All-Time High

January 14, 2021
BTC/USD

BTC Price Analysis: In a Return Rally BTC/USD Grinds Past $40,000 Amid Grayscale Bitcoin Purchase of $80M

January 14, 2021
Wunderbit Trading

Wunderbit Trading – Copy Trading Platform That Suits All 

January 14, 2021

Email Subscription

Pages

About Us

Contact Us

Disclaimer

Get Latest Cryptocurrency And Bitcoin News

Privacy Policy

Write for Kryptomoney.com

Category

Events

General

Interviews

News

Price Analysis

Press Release

Sponsored

Information

About Us

Submit Press Release

Submit Guest Post

Contact Us

Social Icons

[email protected]

©KryptoMoney 2019 | Southridge Internet Corp

No Result
View All Result
  • Resource List
  • News
  • Price Analysis
  • Events
  • Press Release
  • Sponsored

©KryptoMoney 2019 | Ess Commerce Private Limited

  • bitcoinBitcoin (BTC) $ 36,171.00 6.91%
  • ethereumEthereum (ETH) $ 1,158.12 2.69%
  • tetherTether (USDT) $ 1.00 0.23%
  • bitcoin-cashBitcoin Cash (BCH) $ 482.92 5.54%
  • binancecoinBinance Coin (BNB) $ 40.80 0.17%
Our websites require cookies enabled to provide you with an uninterrupted experience. Please continue without changing your setting to receive important notifications.I Agree