Crypto-analyst: Bitcoin will not trade back under US $ 7,000

A crypto-analyst, who says the Bitcoin Crash of Monday before, says that Bitcoin trend is still in a long-term upward and not back under US $ 7,000 will act.

The Trader is under the name of Majin on Twitter to be known, marked the Moment in which the bears at the end of July the short-term Momentum shots, and said that low demand have triggered on the buyer side, an ideal time to Short BTC.

The demand-side support on the order book is currently at a historic low point. The demand has fallen with each failure to break higher resistance or higher Support.

This is literally the first Time since February that the bears have taken control of the Bitcoin exchange rate. Now that Bitcoin has reached about $ 8,000, says to Majin that buyers are lining up to buy in the area of $ 7,000. He explained to CCN that he believes that BTC will not trade back below $ 7,000.

Pricing is under $ 7,000 in the year 2018. A larger pullback to under $ 8,000 USD will be the most important Shake-out event, and it will be over quicker than the atmosphere is able to believe. Dumps are always very wild, but in bull markets, only short-lived.

Majin and the experienced Trader Peter Brandt noted that Bitcoin didn’t come from a technical point of view, yet from its long-term bull cycle that began in early April of this year. What relates to his next target, says to Majin that he thinks that BTC will surprise the naysayers once again and “like a Phoenix ascending”.

$ 7,000 is a confirmed demand zone. […] Bitcoin is rising like a Phoenix against all feelings. The next Run could bring the BTC price and the total volume of about $ 12,000.

Worst 3. Quarter of 2014, Bitcoin

Since the 3. The quarter is almost over, remains to be noted, such as Skew Markets noted that the Bitcoin price of one of its poorer quarters had in its entire history. With the recent Crash from 10,000 to 8,000 US dollars, is BTC the best way to list the worst third quarter for 2014.

Looks like we are not going to get a green Q3 – good news it’s almost over! pic.twitter.com/1ITwdJPOtR

— skew (@skew_markets) September 27, 2019

However, the Skew Markets also notes that there was in the past, BTC also significantly poorer quarters. In 2014, BTC wiped out 39,53% of its price and fell from the 500 USD mark to around 345 USD in December. But in a much smaller market, the effect of this correction was limited. The losses in September 2019 and had a deeper impact, which led to losses and liquidations in several markets. The BTC trade volume in 24 hours at around 19 billion US dollars, and the price movements had a clearly stronger.

As it is now for Bitcoin to continue is difficult to predict. The mood of the market in 2019, however, suggests a renewed wave of Bitcoin maximalism, as the leading crypto-currency surpassing the majority of Altcoins in the last few months, and its share of the market continuously, to the current level of 68 percent was able to expand. Even after the loss of BTC is more than 200% above the price level of January. And during the fourth quarter starts soon, are the forecasts for the Altcoins is much more pessimistic than they are for Bitcoin, which has accounted for such as Majin and Peter Brandt, a significantly higher Chance to recover.

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