Crypto Analyst: Bitcoin (BTC) at $ 3,500, but bears are not yet made

The cryptography market puts an end to tumultuous activities and Bitcoin regains stability

To say that the last two weeks of crypto were tumultuous would, frankly, be a little light. On November 13, Bitcoin (BTC) was trading at $ 6,200, but since that fateful day, watching the upgrading of Bitcoin Cash's network (a so-called bearish catalyst), BTC is plummeting to reach the most low total of the year, $ 3,450.

Although the asset has since recovered somewhat convincingly, from $ 3,450 to $ 4,200 … twice, some fear that the worst is yet to come for the de facto crypto king, Bitcoin. But on the other hand, other analysts have said that there were silver liners in the cryptocurrency cloud, at least in the short term anyway.

Analysts demand funds for BTC in the short term

Daily FX's Nick Cawley, Aaron Hankin, of the financial news channel, and MarketWatch reporter, said crypto-bulls can breathe a sigh of relief, but Bitcoin bears may not be ready to end to the carnage.

Cawley, market analyst at Daily FX, a Chicago-based exchange company, noted that after BTC's latest capitulation episode, which resulted in a 40% asset reduction, a short-term trough is in its infancy. He noted that the lack of "news to drive the movement" indicates that bitcoin is likely to find support between $ 3,500 and $ 3,700, even though sales volume continues to grow.

This call for support at USD 3,500 echoes the opinion of Mati Greenspan, eToro cryptosystem expert, who recently noted that, although USD 4,000 offers almost no resistance, there is a semblance of pressure from losing purchase between $ 3,500 and $ 3,000.

And, also taking into account momentum technical indicators, such as RSI, Cawley added that cryptographic assets are currently over-sold, adding that a short-term rebound may be needed. Nonetheless, drawing attention to Bitcoin's long-term prospects, the Daily FX representative exclaimed that a $ 2,970 test is being planned for the right time.

$ 3000 / BTC remains the flavor of the month of the community

While the BTC fell below the $ 4,000 mark last week, falling to its lowest level in a year, market analysts, major investors and crypto divin sought to weigh all their weight down , which pushed retail investors to rush.

Some critics have expressed the view that forecasters are paying for "snake oil" calls, but Cawley's previously quoted $ 2,970 call is in line with the expectations of his peers. As reported by Ethereum World News on Monday, Anthony Pompliano, founder of Morgan Creek Digital, spoke to CNBC's Squawk Box segment to present his personal view of the cryptocurrency markets.

The industry expert, known for his anti-banking and pro-crypto rhetoric and sentiment, has highlighted the two historic Bitcoin withdrawals of more than 80%. Explaining why this statistic is relevant, Mr Pomp said Morgan Creek expects BTC to trade at around USD 3,000, just 15% of its highest level set in 2017.

With this in mind, the analyst added that it was likely that the market would continue to fall, despite the already dark market conditions that crypto was experiencing.

Michael Moro, CEO of Genesis Trading / Markets, also mentioned this price level, telling CNBC that bitcoin had not yet found its true floor, adding that it was unlikely that traders would find a background before the "3000 k flat level".

Title Image Courtesy of Marco Verch via Flickr

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