Bitcoin Below $10,000; See What Analysts Say
"today’s sell-off was nothing more than short-term profit-taking in a market gaining steam"
The year 2018 was noted as the worst year for the Bitcoin as the value dropped by nearly 70%. That year, the price reached the lowest value of $3,150 after going above the key level of $10,000.
Many analysts, at that time, proposed that the coin was not going below $6,000. While the coin performed opposite and went below. A trader by username ‘’Smart Contractor’’ speculated a different level for the bottom value. ‘’Calling a bottom at exactly $3,200, with a $200 leeway on either side,’’ he said.
The Trader, whose Predictions Always come true
No one got serious about his prediction for bitcoin but his speculation came true and value touched the mark of $3,150. Since then, the community always pays attention to his predictions for digital coins.
On Feb.19, SmartContractor took to Twitter and proposed that LTC was going down as the bearish pattern was made on the chart. As he said,’’ bearish four-hour pin bar at the 0.618 Fibonacci Retracement.’’
His prediction for the cryptocurrency again proved as the coin went down by 10% in the next few hours. Litecoin was not alone in the list of bearish coins, bitcoin was also included in the list.
$LTC looking pretty bearish here. alts have been leading btc most of the way up and we can see a bearish 4h pinbar at the 0.618 on ltc here.
i think that was a B wave up and we start doing C waves down across the board.
took a whole bunch of profit today and am mostly flat now pic.twitter.com/6taTRVN2tE
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) February 19, 2020
His chart reveals that the coin will go down further following the market trends. As the altcoins moving down, bitcoin will also affect and will show a bearish pattern per the trader’s prediction.
Many Believe Bitcoin will go up in 2020
However, there is another school of thought which believes that Bitcoin will go higher. For example, a bitcoin maximalist and trader ‘PlanB’ asked people not to fear when the price went below the key figure of $10,000. ‘’Ignore the noise, focus on the signal, he commented.
Ignore the noise, focus on the signal#bitcoin #S2F pic.twitter.com/vztx8fkLAY
— PlanB (@100trillionUSD) February 17, 2020
The founder of Kenetic Jehan Chu said while commenting over the recent downward short-term trend of Bitcoin:
‘’today’s sell-off was nothing more than short-term profit-taking in a market gaining steam. Pullbacks like this are common and we can expect oscillations, but this year’s upward and dominant trajectory for bitcoin is clear.’’
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