Wednesday, November 25, 2020
coincasso bitcoin exchange banner
Home News Bitcoin News Role-shifting. Why are the investors who expected Bitcoin to grow bullish now...

Role-shifting. Why are the investors who expected Bitcoin to grow bullish now selling?

The famous analyst, who expected the exchange rate to rise to $8,000 in early April, now thinks that Bitcoin will fall. Why is that?

Another BTC dip?

A popular twitter analyst under the pseudonym @LightCrypto, who previously predicted that the Bitcoin rate would reach $8,000, now warns against the rapid decline and bearish character of BTC.

“I am now a seller,” claimed the analyst right as the Bitcoin closed above $7,800 for the first time since March 12. You might think it’s a bad idea given that the price wasn’t that high yet, but the analyst referred to his decision given the “significant drop in the momentum of buying Bitcoins by Asian investors”. 

 


LightCrypto bases its opinion on the total turnover volume, combining it with Fibonacci retracement levels to note the greatest convergence. It looks like the BTC level at $8000 on the chart had a higher volume profile, as you can see on the tweet using the purple bars. Trader sees a high probability that investors will become overactive and start selling for short-term profits.

Bitcoin investors start selling

The decrease in exchange rate

A similar prediction was made by Tyler D Coastes, a well-known crypto trader. At the end of last week, the analyst placed BTC’s upward trend on the logarithmic curve chart, giving a very accurate representation of Bitcoin support and resistance levels since 2012.

Great sales on March 12th caused Bitcoin’s price to fall below the level of support for the logarithmic curve, as shown in the graph, which caused BTC to enter a declining market.

logarithmic curve chart, giving a very accurate representation of Bitcoin support and resistance levels since 2012

source: LightCrypto

Up or down?

Analysts all over the world are arguing about what will happen when the BTC reaches a rate of $8000 to $8800. Some believe that the trend will reverse and some that it will remain upward. According to the biggest supporters of the bull market, the halving phenomenon will amount to Bitcoin at $100,000. Thus, they predict that Bitcoin will become an alternative to inflation after the U.S. Federal Reserve has introduced a stimulus package to help the economy in the amount of $2.3 billion. 

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Sidebar Widget
USD
EUR
PLN
RUB
bitcoinBitcoin (BTC)
$ 18,676.00
ethereumEthereum (ETH)
$ 582.59
tetherTether (USDT)
$ 0.995176
rippleXRP (XRP)
$ 0.631411
bitcoin-cashBitcoin Cash (BCH)
$ 336.54
litecoinLitecoin (LTC)
$ 85.71
tronTRON (TRX)
$ 0.033825
moneroMonero (XMR)
$ 131.84
dashDash (DASH)
$ 107.82
eosEOS (EOS)
$ 3.40
dogecoinDogecoin (DOGE)
$ 0.003933
bitcoinBitcoin (BTC)
15.797,94
ethereumEthereum (ETH)
492,81
tetherTether (USDT)
0,841814
rippleXRP (XRP)
0,534107
bitcoin-cashBitcoin Cash (BCH)
284,68
litecoinLitecoin (LTC)
72,50
tronTRON (TRX)
0,028612
moneroMonero (XMR)
111,52
dashDash (DASH)
91,20
eosEOS (EOS)
2,88
dogecoinDogecoin (DOGE)
0,003327
bitcoinBitcoin (BTC)
70,709.15
ethereumEthereum (ETH)
2,205.74
tetherTether (USDT)
3.77
rippleXRP (XRP)
2.39
bitcoin-cashBitcoin Cash (BCH)
1,274.17
litecoinLitecoin (LTC)
324.51
tronTRON (TRX)
0.128065
moneroMonero (XMR)
499.16
dashDash (DASH)
408.22
eosEOS (EOS)
12.87
dogecoinDogecoin (DOGE)
0.014891
bitcoinBitcoin (BTC)
1,425,871.46
ethereumEthereum (ETH)
44,479.46
tetherTether (USDT)
75.98
rippleXRP (XRP)
48.21
bitcoin-cashBitcoin Cash (BCH)
25,694.09
litecoinLitecoin (LTC)
6,543.77
tronTRON (TRX)
2.58
moneroMonero (XMR)
10,065.69
dashDash (DASH)
8,231.82
eosEOS (EOS)
259.58
dogecoinDogecoin (DOGE)
0.300276
Sidebar Post
coincasso bitcoin exchange banner

Latest News

CBDC becoming more and more popular

More and more countries are planning and developing the emission of their own crypto. Lithuania announces the launch of its CBDC in July, while...

Bitcoin versus gold, what is a better investment?

Since the global COVID-19 pandemic, people have been looking for an alternative to keeping their savings in their domestic currencies. Some of them choose...

The Medical University of California forced to pay the ransom

Hackers hacked into Medical University computers and demanded a ransom for unlocking the data. After not very fruitful negotiations, the hackers received 116.4 BTC. A...

Blockchain e-voting system was attacked

Bitfury working for the Russian government was attacked at the weekend. Are innovative solutions safe? Problems in the Russian voting system  The Russian system of voting...

Crypto-powered online game tournaments are the future of this market

The Counter-Strike stars will soon be taking part in a cryptographic tournament, while fans will be able to bet on the score with VRA...