Bitcoin Price Heading Towards Biggest Weekly Drop Since November 2018, Forbes Analyst Says

Libra Coin News
Fri, 09/27/2019 - 09:51
Yuri Molchan
With the recent Bitcoin collapse, when BTC dropped over $1,000, some analysts predict a further BTC decrease, while investors remain bullish
Cover image via www.123rf.com
Contents

After the Bitcoin price recorded a major drop of over $1,000 on Tuesday this week, major figures among crypto investors publicly said that Bitcoin had seen even bigger falls and that one should buy on the low.

However, multiple analysts believe that the 15-percent loss suffered by Bitcoin signifies the end of the bullish market. Among them is an analyst and Forbes contributor Naeem Aslam.

Bitcoin is on track to record further drop

In his recent tweet, Aslam warns that the situation with Bitcoin price is to get worse as Bitcoin is heading towards the biggest decline since November last year.

The chart shows what everybody remembers without it – in November 2018, after the Bitcoin Cash hard fork when BSV sprang to life, the Bitcoin price dropped to $4,000. The red candle in the bottom right corner suggests that now BTC could be heading South in the same direction.

Earlier, U.Today reported about other analysts, stating that the bull market is over.

Related
Tom Lee Talks Massive Bitcoin Price Drop, Claims It Confirms Fundstrat's "Unpopular" Theory

Positive news

While the best Bitcoin has managed to do so far is slightly keep its head above $8,000, many crypto experts urge investors to buy while the price is low. Among them are two from Morgan Creek companies – Morgan Creek Digital co-founder Anthony Pompliano and Morgan Creek Capital CEO Mark Yusko.

By the way, on Friday, at 6:40 a.m. EST Pompliano will be talking Bitcoin on CNBC. On his Twitter page, he asks his followers what topics to do with BTC he should discuss.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.