Famous cryptocurrency Analytics Godbole and Jindal stated that Bitcoin is expected to phase long-term decline. The estimated cost of Bitcoin in the near future will range from 8 200 to 8 000 USD, there is a risk that the price will fall to USD 4,000, but this is unlikely.
Analyst portal Coindesk Omkar Godbole said that at the moment Bitcoin has moved into a phase of decline and soon will probably fall to the support level in 8 of 213 USD. He said these assumptions are based on the manifestation of a red candle Maribozu, which was formed on 26 February on the daily chart, the first cryptocurrency. This candlestick indicates that during the afternoon session, the supply exceeds demand.
The analyst added that confidence in the fall in the value of Bitcoin confirms the MACD histogram is below zero and the RSI below 50. Both figures also show the predominance of the seller, said the analyst. He stressed that to rely on the return of asset prices to an upward trend will be possible only if it rises above 9 462 USD.
Analyst portal NewsBTC Ayash Jinda solidarity with a colleague. He believes that the value of Bitcoin can drop to 8 200 USD, assuming that the price will fall below the monthly low of 8 500 USD. The final transition phase long-term decline will be to overcome support level of 8,000 USD. The expert added that the growth rates of the first cryptocurrencies will prevent resistance in 8 680 USD, expressed as 100-hour moving average. Next resistance is at 9 000 USD, 9 USD and 9 200 280 USD.
In addition, the reduction in the price of Bitcoin expects analyst and trader Peter Brandt. He argues that the first cryptocurrency chart formed a reversal pattern “head and shoulders”, talking about the beginning of the downtrend. Brandt also questioned the fact that Bitcoin is a stable asset. Cryptocurrency are unable to rise amid falling stock market, like gold, and it speaks for itself.
Trader RNB published in his Twitter account the schedule of the first cryptocurrency, showing that its price is in the global downward trend starting in December 2017. For this reason, probably the fall of Bitcoin exchange rate to 4 000 to 4 500 USD.
Analyst portal NewsBTC Yasha Goals predicted the fall of the prices of Bitcoin to USD 4,000. Cryptocurrency is now in the same position as in the summer of 2018, when the rate fell from 8 to 3 500 USD 200 USD in a few months, the analyst said.
Please note that at the moment Bitcoin is trading at around USD 8 500 over the last day it fell 4%. The daily trading volume of coin decreased by 22%, that is up to 41 billion USD.