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.
$BTCUSD Be realistic here, after such severe breakdown, market will take many weeks or months to recover...so dont get to rush to call bottoms again, the only quick was the top we called at 14k, because its characteristic of bear markets to have quick tops and long bottoms #btc pic.twitter.com/pRxDPi7ADb— Crypto Expert™🚀 (@asegpi) September 25, 2019
Bitcoin have NEVER dropped below the lower Bollinger Band on a bull market so far.— CryptoHamster (@CryptoHamsterIO) September 25, 2019
Now it is at ~7700$.
So, either ~8k is a bottom, or this is not a bull market anymore. $BTCUSD #bitcoin $BTC pic.twitter.com/1tNIoCzS9g
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.