Gold Bull Claims Bitcoin is Positioned for a Dip Towards $2,000

Bitcoin (BTC) has been trading within a tight trading range around $8,000 for the past week and has failed to incur any significant momentum in either direction that illuminates its near-term trend.
One prominent Gold bull and an outspoken Bitcoin critical is now noting that multiple technical formations point to the possibility that the cryptocurrency is currently positioned for a movement towards $2,000, but crypto-focused analysts are disputing his analysis, claiming that it ignores important factors driving BTC’s price action.
Bitcoin Continues to Consolidate, But Major Downwards Movement May be Imminent
At the time of writing, Bitcoin is trading up slightly at its current price of $8,040, which marks a slight recovery from its recent lows of $7,900 that were set overnight during a fleeting downwards movement that was quickly bought up by BTC’s bulls.
Peter Schiff, a prominent Gold bull and a frequent critic of Bitcoin and other cryptocurrencies, explained in a recent tweet that he believes that its recent downwards flag break below $10,000, and a potential head and shoulders top could be pointing to a movement towards $2,000.
“The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $6K, but we are close to completing the right shoulder of a head and shoulders top, with a $14K head, and neck line just below $8K, that projects a collapse to below $2K,” he said in a recent tweet.

Bitcoin Price Breaks Below $9,000, Historic Rally Now In Jeopardy
Friday November 08, 2019

Two weeks ago, Bitcoin price set a record for its third-largest 24-hour gain in the young asset’s short history, rocketing from $7,400 to $10,500 from low to high. After weeks of consolidation, the crypto...

The post Bitcoin Price Breaks Below $9,000, Historic Rally Now In Jeopardy appeared first on 12bitplay - Bitcoin Play.

The Bitcoin chart looks horrible. Not only does the flag that followed the recent breakdown project a move to $6K, but we are close to completing the right shoulder of a head and shoulders top, with a $14K head, and neck line just below $8K, that projects a collapse to below $2K!
— Peter Schiff (@PeterSchiff) October 19, 2019

Bitcoin Market Cycle: Is This Complacency, Or A New Hope?
Tuesday November 12, 2019

All markets – such as Bitcoin – are cyclical and go through stages of peak euphoria before a correction brings investors back down to reality. Eventually, anger and depression kick in, and investors begin...

The post Bitcoin Market Cycle: Is This Complacency, Or A New Hope? appeared first on 12bitplay - Bitcoin Play.

A drop towards $2,000 appears to be highly unlikely, barring some sort of terrible fundamental shift for Bitcoin or the aggregated crypto markets, although some analysts do believe that the crypto is positioned for a movement down towards $6,000 before it finds significant support.
Analyst: Schiff’s TA Patterns Hold Little Clout 
It is important to note that analysts do not believe that the patterns that Schiff is referencing as support for his idea that Bitcoin will drop towards $2,000 do not offer any significant insight into future price action.
“Imagine believing that you can actually predict the price of Bitcoin on high time frame charts by using H&S patterns,” Josh Rager, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet while referencing Schiff’s analysis.

Bakkt Opens Bitcoin Custody to All Institutions, Futures on Track for New ATH
Monday November 11, 2019

The Bakkt platform has just announced that it will now allow any institutions to use its Bitcoin custody solution. Previously, only those trading the platform’s Bitcoin futures contracts had access to the Bakkt Warehouse....

The post Bakkt Opens Bitcoin Custody to All Institutions, Futures on Track for New ATH appeared first on 12bitplay - Bitcoin Play.

Imagine believing that you can actually predict the price of Bitcoin on high time frame charts by using H&S patterns https://t.co/0XUoUN48E4
— Josh Rager (@Josh_Rager) October 19, 2019

Although analysts are split on whether or not Bitcoin will visit $6,000, even bearish analysts believe that this will be a region of significant support that propels it higher and it is highly unlikely that a drop below this level is imminent.
Featured image from Shutterstock.
The post Gold Bull Claims Bitcoin is Positioned for a Dip Towards $2,000 appeared first on NewsBTC.

You may also like...