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Despite Tether Concerns, Notable Analysts at Remain Bullish On Bitcoin (BTC)



What many thought would never happen did on Thursday. Just days after Tether Limited, a company behind the USDT stablecoin, minted $ 300 million worth of its crypto asset, reports revealed that its operator, iFinex, may be thin ice. As a result of this news, Bitcoin (BTC) dropped by 10% in minutes, plunging from $ 5,550 on Coinbase to $ 4.950 in a quick sell-off.

Related Reading: Crypto Divided Over Tether, Some Unequivocally Bullish On Bitcoin

But since this news broke, cryptocurrencies across the board have recovered, as some have begun to suspect that this debacle may not have a material effect on this market's staying power.

Bitcoin Holds Strong After Tether 'FUD' [1
9659005] In the analysis of The Crypto Monk, a well-trader, the dust from this recent imbroglio has settled, and the Bitcoin chart structure is still "looking good for bulls." Monk did not give much reason for this point, but the chart attached to his message did it depict that BTC has held above $ 4.800, a key level of support as it's where the 200-day moving average is sitting.

Not only is the chart's structure looking good, but trading statistics and technical indicators too. As Murad Mahmudov, a popular analyst who is 75% sure the cryptocurrency bottom is in, postulated, the long-short position position on the Bitfinex and Relative Strength Index (RSI) leadings has led him to believe a move higher is inbound. A specific forecast was not mentioned, but Mahmudov did draw a arrow ending at $ 6,300, which is where Bitcoin is expected to meet a major resistance at a historically important level.

The Other Side Of The Equation

Of course, others are not too sure that Bitcoin's the chart looks decidedly bullish. According to a chart from Trader Financial Survivalism, this move confirms that Bitcoin's current market structure is like that seen in December's downturn, but inversed. So, if history is followed, the BTC may be willing to see a $ 1,000 pullback, potentially up to a $ 4,200 range.

But it may not be that simple. As a number of analysts, like Crypto Birb and Satoshi Flipper, have asserted, for Bitcoin to move higher from here, it will need to break convincingly past $ 5,200 on BitMEX and head to $ 5,300 for a "liquidity flip test." As of the time of writing this, said the "liquidity flip-test" has yet to happen. With positive industrial developments, such as TD Ameritrade's and E * Trade's purported plans to offer spot Bitcoin trading, however, some are sure that BTC will recover to its pre-crash levels in no time.

Related Reading: TD Ameritrade Follows Footsteps of Fidelity, NYSE and Enters Crypto, Boosting Sentiment
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