FOMO completes as analysts broaden their bearish target

Bitcoin [BTC] He almost touched $ 9100 on May 31, 2019, after which he fell rapidly to a low of almost $ 8,000. Therefore, while Bitcoin [BTC] did break the ascending triangle he dropped to test the level of escape.

The price of bitcoin [BTC] On May 31, 2019 at 15:15 UTC, 8264 USD. It is trading 4.37% lower on a daily scale. The total market capitalization of Bitcoin fell below $ 150 billion.

It was clear that FOMO was over $ 8,700 in the market, its price reaching new heights almost every week last month. Peter L. Brandt expressed his feelings in a tweet.

"Has today's correction been enough to shake the monkey trees (FOMO buyers)?"

Read also: Bitcoin beating $ 9,000 – Analyst Thomas Lee predicts a real level of FOMO on the bitcoin market

He also suggested that there could be more inconvenience, with goals set at $ 7881 and $ 7,467. Previously, he had almost correctly predicted the purchase of negative transactions on Bitcoin, which could become extremely bearish.

A decline in Bitcoin [BTC] prices were long overdue. Nevertheless, if the increased demand remains intact, orders will be filled by people looking to buy the dip. B.Biddles who is bullish in Bitcoin [BTC] tweeted in a small clue,

"So, the crowd filled by the gap is bullish now, is not it?"

While the parabolic rise seems to have ended, a natural price correction of any asset. However, there are traders like Tone Vays who were expecting a withdrawal of about 30% from the $ 8,700; a fall to about $ 6090. In addition, according to Vinny Lingham, a drop below $ 6,200 would revive the bearish movement observed at the beginning of the year.

On a bearish note, a rising wedge model has been recognized in Bitcoin's daily chart. [BTC] could crash soon. In addition, the MACD is bullish on a weekly chart, but bearish on a daily chart and over 4 hours.

Do you think Bitcoin [BTC] will recover above $ 8300 or we will see a disadvantage? Please share your views with us.