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As Bitcoin takes a turn for the worst today, trading below five figures for the first time since its parabolic stint up to $14k a few days ago, one analyst predicts that Bitcoin still has some pain in store for its investors…
Block reporter and analyst, Joe Saz took to BlockTV earlier today to give his take on the latest Bitcoin action.
Saz points to a descending triangle that has been forming within Bitcoin, a formation which is typically indicative of a sharp break out downwards for whichever asset the formation graces.
🚨🚨🚨"We're jumping below $10,000 today if not tomorrow" - @Joe_Saz sees red flags on the horizon and a 'violent drop' in #bitcoin markets approaching. See full report: https://t.co/yAcKPQ4nJp pic.twitter.com/PxHV91ydTB
— BLOCKTV (@BLOCKTVnews) July 1, 2019
“We fell off a cliff here [around $10.5k], supported by the bottom of this descending triangle … this is a 15-minute chart. But we’re creating a very, very distinct descending triangle and now riding alongside the bottom of it yet again”
The analyst continues to relay that there is the potential of a bounce off the bottom of the descending triangle to the top of the trend but that it’ll ultimately breakdown, suggesting that it’ll be a “wild, wild, ride to the downside”
“I’m just saying it straight up. I believe this descending triangle is going to be a violent breakdown.” The analyst noted, adding that four figures are likely today or tomorrow.
Of course, Bitcoin already briefly saw four figures, hitting $9.9k earlier today before bouncing back to 10k, since then Bitcoin has hovered around this level seemingly unsure about what to do.
Its unclear what’s likely to come next although a few analysts, Saz included, have augured that there will likely be more losses to come.
One such analyst was prominent trader DonAlt who noted today that Bitcoin will retrace further down than anyone expects:
I think BTC will retrace far further down than anyone expects.
— DonAlt (@CryptoDonAlt) July 1, 2019
I think alts will wipe out massively one more time.
The BTC chart tells me I'm a little biased because it doesn't look too bad.
I always differentiate between the two.
I don't trade my expectations, I trade setups.
Regardless of this latest dip, it must be noted that the crypto market is still very much in bull season and while dips and corrections may occur, ultimately - in the long term at least - there are likely many gains still to be had.
What do you think? is Bitcoin going lower? Let us know in the comments below!