Bitcoin is currently back at $9,162 after forming a day’s high of $9,300. The improvement in the market sentiments caused a spectacular rise in the BTC.
The US benchmark index, the Dow Jones Industrial Average Index, or DJX, closed at 25,548.27 yesterday. It marks a gain of over 1100 points in two consecutive days for the Dow.
BTC due for a correction soon
Investments in Bitcoin are on a steady rise. Several enthusiasts are happy that the Federal Reserve is on a money printing spree. Analysts are coming up with reports encouraging people to invest more in BTC.
However, if one looks closely at the BTCUSD daily charts, it does not appear to be a bull run for BTCUSD. On the contrary, it seems that prices are driving up slowly but without any positive technical indication. That screams as something fishy going down.
It seems only a handful of people, also referred to as whales, are accumulating BTC. It is driving the prices up. However, a bearish MACD and the resistance from the Exponential Moving Average are likely to pull BTC down once the bulls disappear.
Albright Investment Group co-founder says Bitcoin will decline as S&P 500 corrects
Victor Dergunov is the co-founder of the Albright Investment Group. His company is engaged in Market Research of the Financial markets, and various investment avenues.
According to Victor, who is very active on Twitter, tweeted that investors should not get very comfortable with the spectacular rise of the past two days. He predicts a severe bloodbath of the S&P 500 and the Dow Jones soon. And that would be the time to dwell on Bitcoins.
Like Victor, several analysts believe that the current chase for BTC is much-hyped, and the institutions are responsible for it.