Bitcoin Fully Bottomed Out at $6k? Bears Struggle to Justify Stability

The question of whether Bitcoin has bottomed already has again surfaced following the latest drop in the digital currency price.

Data Shows Bitcoin Price Poised for Gargantuan Move; Analysts Push BTC Bull Thesis
Sunday September 22, 2019

In June, Bitcoin (BTC) had hit its stride once again, seeing +5% days on top of +5% days. At the time, many traders thought this sort of price action would continue. And could you...

The post Data Shows Bitcoin Price Poised for Gargantuan Move; Analysts Push BTC Bull Thesis appeared first on 12bitplay - Bitcoin Play.

Bears have no explanation as to why BTC has been holding this price for so long… as if it were forming a floor.
Those bullish can explain this – BTC has fully corrected… and equal to the previous corrections of 0.236 [23% in real value]. pic.twitter.com/8brzXRxBsJ
— dave the wave (@davthewave) October 13, 2018

Bitcoin Giant Grayscale Caught Spreading Rumors about Fiat
Friday September 20, 2019

Cryptocurrency asset manager Grayscale Investments removed a piece of false information from its official website after the intervention of an economist. The New York firm had wrongfully maligned fiat currencies, writing that their average...

The post Bitcoin Giant Grayscale Caught Spreading Rumors about Fiat appeared first on 12bitplay - Bitcoin Play.

The BTC/USD pair last week fell 7 percent to near 6222 after pursuing a sideways consolidation trend for weeks. There were predictions of an extended sell-off period amidst a bearish crypto market, which targeted 6000 as a potential short target. Also, bears on community forums called for a possible dive below this year’s bottom, predicting a wild swing action towards 4500, which upon testing would wake the bulls, and Bitcoin would reverse the trend.
But, as the aggregated BTC price data details, BTC downtrend has already been deflected.
Bitcoin is reversing ahead of testing its popular bottom level near $6,000 | Chart Courtesy: TradingView.com
Bitcoin since Friday is undergoing a slow-and-steady reversal action. On Saturday, the BTC/USD exchange rate witnessed a 1.79 percent increase from October’s low. And today, at the time of this writing, the gains have already extended to 2.44 percent.
Experts on Bitcoin Bottom
Opinions regarding Bitcoin forming a bottom have been making to the press from over a month. They are coming mostly from hedge fund managers, venture capitalists, and traditional Bitcoin advocates. Thomas J Lee, a renowned financial expert and the head of Fundstrat, told Bloomberg that BTC price reversal is imminent in the wake of many strong fundamentals.
“I do believe major institutions get FOMO if BTC rises. Institutional investors want [volatility], and today you can find [volatility] in cryptocurrencies and pot,” he had said.
Spencer Bogart, a chartered financial analyst, and partner at Blockchain Capital doesn’t agree with fundamental factors’ role in deciding BTC price action. Nevertheless, the BTC investor also predicted a bottom for the digital currency, saying:
“We are down 70% from our highs, so I think that Bitcoin is close to a bottom, and [is] so the rest of the crypto market. But I do think that it may take a little bit of time.”
Mike Novogratz, a former hedge fund manager, and an active crypto investor, also called a bottom in digital currencies. The billionaire, known for his $10,000-prediction of Bitcoin, said:

Crypto Exchange to Open in Crisis-Stricken Argentina, Where Bitcoin is at an ATH
Tuesday September 17, 2019

Huobi Group, the operators of one of the world’s largest crypto asset trading venues, has announced that it will launch a digital currency exchange in Argentina. The new platform is expected to go live...

The post Crypto Exchange to Open in Crisis-Stricken Argentina, Where Bitcoin is at an ATH appeared first on 12bitplay - Bitcoin Play.

This is the BGCI chart…I think we put in a low yesterday. retouched the highs of late last year and the point of acceleration that led to the massive rally/bubble… markets like to retrace to the breakout..we retraced the whole of the bubble. #callingabottom pic.twitter.com/EasTBYgjSj
— Michael Novogratz (@novogratz) September 13, 2018

Many also believe Bitcoin is close to crashing – or even dying. Nevertheless, they are people who were Bitcoin critics even at the time of its uptrend.
Renowned economist Nouriel Roubini, for instance, used a political stage to express his negative sentiments on Bitcoin, calling the digital currency the mother of all scams which would burn its investors. He had earlier said that Bitcoin would crash to zero, eventually. Paul Krugman and Warren Buffets, other renowned financial experts, had expressed a similar opinion on the digital currency.
In technical perspective, Bitcoin is inside a long-term downtrend since January. The latest uptrend could be nothing but a pennant formation – a knee-jerk upside seen after every bear pole formation. Bitcoin still needs to break above its descending trendline cap in order to remove the bears from its market.
The post Bitcoin Fully Bottomed Out at $6k? Bears Struggle to Justify Stability appeared first on NewsBTC.

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