After going above $10,000, BTC was able to extend its upward trend to $10,700 before retracting 10,550 today. However, this upward trend in bitcoin’s price was perceived as negative by many crypto analysts. Analysts have warned the investors to be careful and proceed with caution.
The hike in the price of bitcoin has led many investors to believe that BTC has entered in the next parabolic phase. But many experts reckon that it will fall further before rising again.
Crypto analyst Mitoshi Kaku explained that according to the trend it is likely that BTC will retract in the near future before picking it pace again. He believes BTC can get out of the bearish market if it goes above $11,000.
I think this should be self-explanatory, other than 180 Gann resistance, bla, bla I even left the ugly 1D Ichimoku out of it. Next 1D Pivot 9/5 🤓 – Invalidated with a close above $11K. #Gann $BTC #CryptoIkagi pic.twitter.com/uPu85RRz34
— Mitoshi Kaku 👨🏻🚀 (@CryptoSays) September 3, 2019
Jonny Moe another noted crypto analyst weighed in according to him the price of bitcoin may go down as below as $6,000 before entering the next parabolic phase.
Update: Still anticipating return to the parabolic trend. Previously had ~$5,500 on this chart, assuming a quicker return to mean. Since we've consolidated sideways for about 2 months, downside is more like $6,000 now. $BTC https://t.co/E56TWROaCD pic.twitter.com/alu5Sn8RL6
— Jonny Moe (@JonnyMoeTrades) September 3, 2019
Crypto Creed, another known crypto analyst, said that $10,000 mark failed to provide any resistance and might be a sign of a bearish trap.
$10k level that was broken support failed to provide resistance when retested.
This is usually evidence of a trap (bearish continuation sellers on the S/R flip caught offside).
HTF directional bias favours upside, clearing $10,460s (intraday range high) would cement that. pic.twitter.com/dSFzeO64ks
— Cred (@CryptoCred) September 3, 2019