Bit-comment: new side trend for Bitcoin is not in the cards
October 03, 2019 @ 12:34 +03:00
After a rebound above $8,500 and a subsequent minor correction, Bitcoin is traded on Thursday morning at around $8,300. Since October 1, the benchmark cryptocurrency has been trying to form a side trend. Now the investors’ sentiment will be influenced by the ability of BTC to develop growth towards $9K. If the price rebound does not develop in the coming days, we can see a new wave of sell-off.
If we remember the cyclicality of the price dynamics of any assets, as well as the fact that at the moment we can see a regression of price highs of Bitcoin and altcoins, we can assume that $14K was the new high. After reaching the highs, the market will inevitably turn into a bearish phase after a relatively long sideways trend and confusion of market participants, which often turn into temporary bounces upwards, but under the pressure of reality, the asset still goes down.
The FxPro Analyst Team