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

  • Yuri Molchan
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    With the recent Bitcoin collapse, when BTC dropped over $1,000, some analysts predict a further BTC decrease, while investors remain bullish

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

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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.

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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.

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Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

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The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

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.

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