As the global market is still in the red, Bitcoin continues to fall. Within hours, the leading cryptocurrency slipped from $ 5,200 to below the $ 4,000 mark. Prices are currently hovering around $ 4,700.
Now, analysts are making their comments on what could happen to BTC prices.
'Losing $ 4,800'
Analyst Michael van de Poppe does not seem to be raising prices at this time. He posted a tweet, saying that the global market is still in deep red (European transactions opened 10% lower than last week).
He noted that Bitcoin has just lost $ 4,800 and is currently trading at $ 4,722.
“All the profits from Friday are gone. Europe opened on average 8-10% lower than the previous week. Unprecedented fluctuations ”.
Increasing divergences are possible on higher time frames. However, right now Bitcoin price is too fragile to expect a bullish reversal.
He assumes that BTC can continue to drop near the $ 4,000 level and even below where it can find support.
Losing $ 4,800 level here.
Might be a creation for bullish divergences on higher timeframes, but just too fragile at this point.
Levels to watch; Clean break of $ 4,800 back.
Below levels for support; $ 4,100-4,250 & $ 3,700-3,800. pic.twitter.com/GqIoa2ZpTK
– Crypto Michaël (@CryptoMichNL) March 16, 2020
'I'm looking for a low of $ 4,000'
Trader ‘The Crypto Dog’ acknowledges that he is 'not raising the macro' at this time, arguing that Bitcoin will fall to a lower level of $ 4,000 if the price remains within the current range.
Itching to trade and I think we stay in this range a bit longer. Not macro bullish yet.
– The Crypto Dog📈 (@TheCryptoDog) March 16, 2020
The Fed QE cannot push Bitcoin
If the Federal Reserve drops interest rates to zero and starts a big QE program that can't get Bitcoin to rise in price, what can be done?
This is the question that has been in the minds of those who follow the fall of more than 17% of BTC on the hyper-rising news.
The US Fed slashing interest rates to 0% and launching a massive quantitative easing program did not help Bitcoin increase, although many see BTC as a barrier against events like this.
The CEO of Euro Pacific Capital and anti-Bitcoin, Peter Schiff, criticized not only Bitcoin this time but also the recent actions of the Fed will not help solve the crisis.
The main advantage of Bitcoin is that it can prevent investors from fighting another recession. However, cryptocurrencies have failed miserably as a safe haven and suffered even greater losses than risky assets like U.S. stocks.
It is worth mentioning that BTC has turned over 15% on the news but its profits have been erased violently. At the time of writing, BTC is trading at $ 4,700 with more immediate downside pressure.
The bitcoin rally is mostly gone pic.twitter.com/xhkXcpX5ZO
– Joe Weisenthal (@TheStalwart) March 15, 2020
Having to pay attention to what traditional assets and central banks do makes crypto an entirely different ballgame.
– Alex Krüger (@krugermacro) March 15, 2020
This is not a coincidence when CME has a huge impact on the cryptocurrency market. In addition to the countless weekend price gaps that tend to fill magically, the institution was also noted to have a certain influence in the Bitcoin bubble at the end of 2017.
Previously, trader Tone Vays had warned that Bitcoin could also face another crash below $ 5,000.
In a tweet on Monday, he warned that the current downward trajectory could push BTC / USD further down by more than 50%, but not at the rate seen last week.
“Today is an important day for Bitcoin, at the moment we are looking at a new daily low price. Bearish ”.
Today is a critical Day for #bitcoin, at the moment we are looking at a new Daily Low Close. This is Bearish. But we do have an 9 Buy which is Bullish. However, I do not have much confidence this 9 will swing price very high. I'm now looking for Countdown phases in $ BTC & $ SPX pic.twitter.com/S0As9KYX6l
– Tone Vays – TheFinancialSummit.com (@ToneVays) March 16, 2020
The giant derivative company BitMEX meanwhile continues to face scrutiny after many investors argued that its technical issues contributed to the Bitcoin crash of about $ 3,600 in. March 12. The executives promised to issue a full summary of the events in the coming days.
You can see the price of Bitcoin here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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