Bitcoin is on a rollercoaster ride as it keeps on going up and then down. Having recovered slight gains, investors are hopeful, but a few of the experts believe Bitcoin is going to hit even more low which will have it coming to a full circle. Whereas, renowned analyst says it is permanently impaired and breaking this year’s support means the end for Bitcoin.
Bitcoin price on a rollercoaster
Today, Bitcoin has been on a rollercoaster as the price constantly moved up and down. Managing to stay above $6,000 has been the only reprieve for the bulls. A tug of war can be seen in the price movement as you can see in the graph below. Starting the day at $6,497, it wasn’t long when bears came charging in and removed even the small amount of gains. The price basically moved between $6,400 to $6,600 range The gains also keep on oscillating between 0.30 percent to close to 3 percent. Right now, Bitcoin is trading at about $6,470 with 0.85 percent rise.
Investors and experts are hoping for this small reprieve from the bulls to turn into a potential upward movement of bulls. Whereas, some analysts believe the price would be taking a further dip before any stability or turnaround happens for current bitcoin scenario. However, a few experts are seeing this price slump as a signal to bitcoin days coming to an end.
Bitcoin’s game over
The technical head of research at Renaissance Macro Research, Jeff deGraaf recently concluded that bitcoin’s game just might be over. In his new analysis, he stated that the current price movement of bitcoin suggest that the cryptocurrency is “permanently impaired”. He stated in his report:
“Parabolic moves are notoriously dangerous for short‐sellers… Usually, a top develops that often appears as a descending triangle over months, with reduced volatility and little [fanfare].”
deGraaf emphasizes that bitcoin must maintain its support level adding:
“Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even ‘game‐over’. We are of course referencing Bitcoin as exhibit ‘A’ in today’s market.”
Is Bitcoin coming to a full circle?
According to Mike McGlone, the Bloomberg Intelligence analyst the lack of any sustained bounce in bitcoin is negative for this cryptocurrency which seems to test the average for last year. He further stated:
“Bitcoin is in dump mode, following the pump run-up on the potential for a U.S. ETF. It may not subside until revisiting good support near $4,000 — last year’s mean.”
The chart is still looking sick and experts are predicting it to drop further and hit this year’s lowest before red could be over. With the way things are going, looks like bitcoin is finally coming to a circle as last year, at this time, Bitcoin has been trading around $3,400. From here, the market started making its ascent and hit the $20,000 high in December, last year.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.