Bitcoin is dumping continuously and almost dropped 15% in the past seven days. The capitulation situation is dominant in the BTC markets as the value is clinging below$8,000 and even touched the mark of $7,000.Despite the current bearish trend, there are, still, some analysts who believed that value will go up.
As we know, the slumping of price started after the trend line made a record move with a 42% surge in a single day. After this great spike, the bitcoin began to drop until it reached $7000 which pushed traders to the brink and encouraged capitulation. For example, a crypto trader, Bitlord, tweeted in which he announced that he has quit trading of BTC due to drastic move on the part of the coin.
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Analysts are Optimistic
Even the bearish clouds are dominating but some crypto lovers have passed optimistic predictions about the coin. In this school, one is ‘Velvet, who, a few weeks back, claimed that value will drop from $8000, which comes true. But now, he shared his sentiments by saying that BTC will go up. He claimed this stance on the basis of the past five years’ data and compared the present situation of the markets with 2015.
In 2015, the trend line of digital gold went to $1000 before surging to $20,000. And more particularly, the RSI is still above 50, which is the same as in 2015. So, we can say that history repeating itself and the next target is $10,000 and then above.
Cleaner Chart 👇 pic.twitter.com/t9jyvfLwPP
— 𝓥𝓮𝓵𝓿𝓮𝓽 📊丝绒 (@888Velvet) November 25, 2019
Similarly, in a row, another analyst called ‘PlanB’ tweeted that people are losing faith in bitcoin after knowing that it dropped by 17% in just one week. According to him, it is just the normal behavior of Bitcoin. If it marched up by 42%
in a single day then it is not an unnatural thing that it went down by 17%.
He stressed that in December 2018, the value slumped to even at the one of the lowest levels at $3,150 and then rose to $14,000.On the whole, he is trying to say that it does not matter whether it dropped to the lowest level because it is normal behavior.
Some people panicking about this -17% week.
— PlanB (@100trillionUSD) November 22, 2019