Cryptocurrency analysts holding more than 8 predictions have revealed new predictions for Bitcoin. Accordingly, analysts warn investors about the BTC price.
“Bitcoin price breaks were fake”
The pseudonymous analyst named Smart Contracter evaluated the BTC price. The crypto analyst, who accurately knows the bottom of the 2018 bear market, warns his more than 220 thousand followers about Bitcoin. According to him, the rise to $24,000 now acts as a trap for BTC bulls. The analyst says that the Lead cryptocurrency is back in the range revealing the bearish trend. So it is possible for it to move to create a new low. However, the analyst says that not only Bitcoin, but also other cryptocurrencies are seeing bull traps. According to him, new lows in the bear market are likely to emerge soon. Also, last week’s breakouts are fake. However, the analyst hopes for an increase in buying after the new low is made.
“I expect a rise for BTC”
Smart Contracter is expecting a drop for Bitcoin price. However, another crypto analyst, Credible, is bullish on BTC. According to him, it is possible for the leading cryptocurrency to rise as long as it stays above $19,615. The analyst says that the level in question is the override level. He shared his views to his 337,400 followers. Credible states that Bitcoin’s response so far has been very lackluster. Therefore, he says the local support at $21,600 could be lost. However, the leader adds that the coin is looking for a way to make a higher bottom.
“A new bear cycle is coming”
Another name who analyzed Bitcoin price was crypto trader Tone Vays. Vays said that BTC failed to sustain its bullish momentum. Then, he stated that he expects a new bear cycle to come. According to him, BTC is moving on the verge of a drop of over 35%. If the leading cryptocurrency breaks below the $21,500 support, it is possible for the aforementioned collapse to begin. “A return to this channel would be a disaster for Bitcoin,” the analyst says. It also says that we can only make one or two trades on the 50-period moving average on the daily chart. According to him, BTC will return to the 128-day moving average after that. If it doesn’t rise again from this point, the analyst says a drop to $14,000 is possible.
Continuing his words, the analyst mentioned that BTC closed below the 200-week moving average last week. As we reported as Kriptokoin.com, a one-week close above the mentioned level was very important for the rise. Vays said it was a huge disappointment that this didn’t happen. However, he stated that staying above $20,000 is critical for BTC. According to him, approaching this level will cause a revival of low forecasts in price.
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