Mike McGlone: Bitcoin could still fall to $ 4,000
Source:
Bloomberg Intelligence Analyst is warning investors that the worst is fall of Bitcoin is still ahead. McGlone points to a bearish tone large players and does not exclude the rapid failure of Bitcoin to $ 4,000. About it writes .
theWhy falling Bitcoin
With the opinion of the McGlone agreed technical expert Fundstrat Robert Kamer. He is confident that the cryptocurrency could «continue testing new support levels». Another prerequisite for the bearish scenario, Bitcoin is trading below the 50 day moving average.
Today, the coin rebounded slightly from $ 6,100. However, it is too early to open long positions. First, the market situation should stabilize.
Meanwhile, Mike McGlone notes that the recent correction was «only training» to a new depreciation.
Bitcoin is in a protracted fall, which sometimes interrupt the small pullbacks on the background on ETF. The situation is unlikely to change before the crypto currency will fall to $ 4,000 — a key support level from last year.
Recall that in mid-July we saw the local uptrend, but the asset still to gain a foothold above $ 8,000. At the moment Bitcoin again almost to the level of the annual minimum, which he achieved at the end of June.
Over the last few months very well traced the relationship between the price of cryptocurrency and SEC. However, some analysts believe that such a strong concern of investors too . While all market players are waiting for the verdict of the regulator relative to the first exchange triptofana.
In Addition to a new fall today Bitcoin had annual minimum total capitalization of the stock market. Now it is fixed at level 209 billion.
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