Analysts Issue Bitcoin Reality Test (BTC), Predict More Pain for Cryptocurrency Traders

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Two popular cryptocurrency strategists say that the withdrawal of Bitcoin is just beginning.

According to Josh Rager, the BTC is stuck in a downtrend after reaching resistance at $ 10,000 – and there is nothing that can stop its recent pattern of creating new highs.

“BTC – close below $ 8,700 and it looks like the price is heading towards $ 8,500.

Must hold and close above this support below – or we’ll look at the under $ 8,000 again … which I think will eventually hit the price. Don’t fight the trend. ”

Source: Josh Rager / Twitter

Rager says the Bitcoin bears are ready to continue pushing the price of Bitcoin down to $ 7,200 in the days and weeks to come.

The forecast is similar to recent analysis by another prominent trader known in the industry as Dave the Wave, who believes the BTC will drop to $ 6,300 before starting a parabolic rally to new heights.

New data suggests that the current BTC retracement was triggered by users of the main U.S. cryptocurrency exchange Coinbase.

Jon Metenty, data specialist at Coin Metrics, a sales order of at least 75 Bitcoin worth more than half a million dollars triggered a tidal wave that quickly brought the price down to around $ 8,675, well below the psychological resistance line at $ 9,000.

” [Sunday night’s] sale brought to you by huge dumping in the spot markets on Coinbase. ”

Source: Jon Geenty / Coin Metrics
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