Bitcoin has been merging for the best segment of the past fortnight and as the range fastens analysts are eying a breakout, however, it is not certain which way it will proceed. Bitcoin gibanja have been range-bound for the past 10 days and are getting ready for another leg up or down.
Analysts Eyeing Bitcoin Breakout
The triangles formed in the chart are the continuation patterns that usually result in more of the same, and in this case, the trend has been down since the month of April.
In accordance with the recently released reports, a smrtni križ is looming, which is also an indication of a larger plunge to follow. Moreover, some of the analysts have predicted that the price will fall to the level of $18K, and considering the recent market sentiment, it does not seem too far-fetched.
Well, looking the other way, things are not that bad as the long-term fundamental properties of bitcoin remain unaltered, and the institutional giants are in it for the long term.
The analyst and creator of Načrt B, the stock-to-flow model has taken a look at the previous corrections noting that they all have been v obliki črke v. Rekel je:
"Prodaja velikih kosov v nelikvidnih urah na koncu vsakega meseca ... ki mu sledi neprekinjen nakup majhnih količin v tekočih urah na začetku vsakega meseca."
Madelon Vos and Peter Brandt Suggesting Worst Case Scenario
Madelon Vos, a long-term bitcoin investor and a macroeconomics analyst, commented that a huge breakout is very believable. He said:
»V kombinaciji s pozitivno divergenco na RSI in simetričnim trikotnikom z možnim prebojem 10.000 USD ... zelo verjeten scenarij. V naslednjih nekaj tednih bi lahko končali približno 48 ali 25 tisoč dolarjev. "
Medtem, Peter Brandt suggested a worst-case decline to the level of $22K, asking why anyone would bail on the non-leveraged longs when the market had already plunged so far.
