Bloomberg analysts argue that technical indicators and the weakening of the positive dynamics of the bitcoin rate indicate the approach of a significant lowering its price.
According to experts, the February momentum is gradually fading away. This is confirmed by technical indicators that indicate a deterioration in long-term demand for BTC, which may indicate increased pressure from bears. After the recent market recovery, the MACD indicator has been steadily declining since mid-February.
Analysts also note a decline in the average daily growth rate of bitcoin in March, which, in their opinion, may lead to the failure of new rides to storm the psychological mark. Although at the end of February, digital gold managed to gain profit for the first time in seven months, but it never managed to gain a foothold above $ 4000, so until this important level is overcome, the price will continue to experience pressure.
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Mike McGlon of Bloomberg Intelligence said the market is ripe for another price cut as conditions are similar to those in November, on the eve of the crash. Prices are stabilizing, fluctuations are diminishing, and periodic surges seem fleeting, he added..
At the time of this writing, the bitcoin (BTC) rate is $ 3906 and has added 0.77% over the last 24 hours.
According to other experts, a 20% gain since mid-December is a good indicator, but now investors have become more interested in altcoins, which is reflected in their value. In three months, the price of Ethereum (ETH) has increased by 60%, while Litecoin (LTC) has grown by almost 150%.
Recall that recently Warren Buffett called blockchain an ingenious invention, and bitcoin – illusion.
text: Ivan Malichenko, photo: instde, shutterstock, graphics: Bloomberg