A recent prediction by veteran trader, Elixium, warns that Bitcoin is at a major risk of seeing yet another price crash. This time, towards the $7,300 level if bulls don’t push back soon.
Bitcoin’s performance in the first half of 2019 brought back a lot of investors with fresh optimism that crypto winter had passed. Bitcoin price finally peaked in July at around $13,600, which represented a $10,000 increase from the beginning of the year.
However, those who were hoping that the coin would continue surging throughout the second half of the year were left disappointed. After reaching its peak in July, Bitcoin price has mostly continued to make progressively lower highs. Each new drop took the coin’s price by around $1000, sometimes more, sometimes less, but the drops are undeniable when looking at the coin’s performance in the last 5 months.
Bitcoin price fate to be decided at $8k
The current shape of the Bitcoin market is not very comforting, especially since the coin currently sits below 200 EMA & SMA. There is a certain consistency with the coin’s price going lower since its peak, despite occasional brief surges. This suggests that over the longer-term trend, bearish traders remain firmly in control of the asset.
Bitcoin is currently below the 200 EMA & SMA.
If it closes the daily like this then there’s a huge risk that it will dump down to $7,300.
— Elixium (@ElixiumCrypto) November 15, 2019
As the year approached its end, many were hoping that Q4 would bring traditional rallies akin to 2017’s meteoric rise.