0
📰 News

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

  • 📰 News

    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.

👉MUST READ

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

Tom Lee Talks Massive Bitcoin Price Drop, Claims It Confirms Fundstrat's

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.

Subscribe to the official News.U.Today Telegram channel. Get news first!

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.

This block is broken or missing. You may be missing content or you might need to enable the original module.
Recommended articles
0
📰 News

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

  • 📰 News

    Former US Congressman Ron Paul shares his thoughts on the possible creation of Fed’s own cryptocurrency

Cover image via www.123rf.com

Former US Congressman Ron Paul spoke on Fox Business and said that the Fed should not think about creating its own cryptocurrency.

Fed’s Crypto: To Be or Not To Be?

Rumors have been circulating for the past few months about the Fed possibly creating own cryptocurrency. It is expected that a digital coin would become a competitor to its counterparts on the market, and may even replace fiat money. President Patrick Harker, President of the Federal Reserve Bank of Philadelphia, commented on such rumors at a recent conference:

“It is inevitable. I think it is better for us to start getting our hands around it.”

However, there has not been no official follow-up by the Fed towards a crypto exchange. While proponents of this idea believe such innovation is necessary, it is expected that the exchange could stop the current delays involving US bank transfers.

What do the opponents think about the Fed's own cryptocurrency?

The idea of ​​creating the Fed's cryptocurrency has its opponents. This includes Ron Paul, who believes that the Fed is in a better position to stay away from digital coins and allow the private blockchain sector and payment platforms to resolve this discussion in real-time. What the Fed plans to do next is unclear, but the central bank may still enter the game.

Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.

This block is broken or missing. You may be missing content or you might need to enable the original module.
Recommended articles