Bitcoin (BTC) and all our favorite coins and tokens have shown once again that they can get back on their feet after a sharp decline. The King of Crypto is currently testing a new resistance level of $ 6,500 after reaching a recent low of $ 6,200 on September 8th. Looking at Ethereum (ETH), the digital resource had already been declared dead by some analysts as trading was $ 170 on 12 September. ETH is currently trading at $ 206 and up to 13.28% in the last 24 hours.
Bitcoin (BTC) reaches the bottom?
As previously stated, Bitcoin is the king of Crypto and its movement in the markets is a clear indicator of the overall direction of the entire ecosystem. The recent $ 6,200 minimum has been advocated by many as the last minimum of the year as we prepare for the highly anticipated bull market that will soon be launched from the holiday season which will end in just weeks.
Investor and former billionaire The hedge fund manager, Michael Novogratz, believes that the cryptography market has hit bottom with the recent lows observed only yesterday. In a tweet only a few hours ago, he stated the following:
This is the BGCI chart … I think yesterday we put a weak spot. retouched the highs of the end of last year and the point of acceleration that led to the great rally / bubble … the markets love to go over the breakout … we have retraced the whole bubble.
The complete tweet can be found below.
This is the BGCI chart … I think we put a low yesterday. retouched the highs of the end of last year and the point of acceleration that led to the great rally / bubble … the markets love to go over the breakout … we have retraced the whole bubble. #callingabottom pic.twitter.com/EasTBYgjSj
– Michael Novogratz (@novogratz) September 13, 2018
Willy Woo believes we could touch $ 4,400
on September 9th The veteran Bitcoin analyst, Willy Woo, predicted that it could get worse before improving for Bitcoin. He made these comments via a tweet which stated the following :
Prep for this. Our most probable route is to break under the support of 5800 and some free fall. Whether we rebound for another swing, or that we fall here is TBD. The next support is 4900, which should slow down the fall, but 4400 is the next real line of defense. Complete the third cat.
Willy Woo has been successful in predicting the price of Bitcoin. In June, he predicted that BTC would hit levels between $ 5,500 and $ 5,700 before seeing signs of recovery. Sure enough, BTC dropped to a new low of $ 5,800 on June 29th.
In conclusion as with all Bitcoin breakouts in the markets, we should be cautious in the markets of the past demonstrated that sometimes BTC can not keep new levels. The last drop in the markets was caused by false news and with the SEC verdict on the CBOE-sponsored Bitcoin ETF on September 30 we could experience an excessive reaction in the markets that day or earlier .
Disclaimer: This article is not intended to give financial advice. Any opinion here should be taken as well as it is. Perform your research before investing in one of the many cryptocurrencies available.