{"id":403805,"date":"2019-11-09T23:30:11","date_gmt":"2019-11-09T23:30:11","guid":{"rendered":"https:\/\/wncen.com\/?p=403805"},"modified":"2024-06-11T13:33:54","modified_gmt":"2024-06-11T13:33:54","slug":"bitcoin-really-doomed-analysts-skeptical-bear-bias-drop","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-really-doomed-analysts-skeptical-bear-bias-drop\/","title":{"rendered":"Is Bitcoin Really Doomed? Analysts Skeptical of Bear Bias After $400 Drop"},"content":{"rendered":"<p>As you are likely aware, <a href=\"https:\/\/wncen.com\/category\/crypto\/bitcoin\/\">Bitcoin<\/a> (BTC) hasn&#8217;t done too well over the past two-odd days. Since Friday, the cryptocurrency has shed 6% of its value, tanking from $9,250 to $8,700 in a strong move lower that came after nearly two weeks of bullish consolidation above $9,000.<\/p>\n<p>Despite this relatively mild price action, which wasn&#8217;t exactly a move that slaughtered bulls per se, a number of traders have flipped bearish. Bloomberg, for instance, wrote that there is a likelihood that if the bearish pressure persists for a little more, Bitcoin <a href=\"https:\/\/wncen.com\/2019\/11\/09\/key-technical-indicator-signals-bitcoin-may-soon-revisit-7300\/\">will trend all the way back to $7,300<\/a> \u2014 back where it was prior to the most recent swing upwards.<\/p>\n<p>This sentiment, according to a number of analysts, is irrational.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/11\/09\/analyst-bitcoin-price-likely-to-fall-to-low-8000s-as-chart-remains-weak\/\">Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak<\/a><\/h6>\n<h2><strong>Bears Are Irrational?\u00a0<\/strong><\/h2>\n<p>Popular crypto trader Mayne <a href=\"https:\/\/twitter.com\/Tradermayne\/status\/94544384\" rel=\"nofollow\">recently noted<\/a> that the &#8220;people waiting for $6,000&#8221; are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it&#8217;s totally possible we can go lower from $8,800.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> has it&#39;s 4th biggest bull move ever, $7.2k-$10.5k, and now we are retracing after consolidating. My feed, totally bearish again.<\/p>\n<p>We can go lower sure, but I think the same people waiting for $6k are going to be waiting for $7k and will buy back above $10k.<\/p>\n<p>Never change CT!<\/p>\n<p>&mdash; Mayne (@Tradermayne) <a href=\"https:\/\/twitter.com\/Tradermayne\/status\/94544384?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 8, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Crypto Michael echoed this line. The Amsterdam Stock Exchange trader poked fun at the euphoria that bears have had over the past days, accentuating the irrationality of the claims that a retest of the lows is on its way, especially in the context of the recent 42% gain:<\/p>\n<blockquote><p>I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with a $300 retrace after one of the most bullish candles in the history of b<span class=\"PrettyLink-value\">BTC<\/span>.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with a $300 retrace after one of the most bullish candles in the history of <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a>.<\/p>\n<p>Interesting.<\/p>\n<p>&mdash; Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/79094784?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 9, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Delphi Digital has corroborated this sentiment with data. Per <a href=\"https:\/\/wncen.com\/2019\/11\/03\/research-firm-bitcoin-price-bottomed-7300-recovery-possible\/\">previous reports from NewsBTC<\/a>, the prominent cryptocurrency markets research firm found that there is a confluence of evidence suggesting that Bitcoin found a trend bottom at $7,300 two weeks ago.<\/p>\n<p>One of their tidbits of evidence is that Bitcoin\u2019s volume profile, the amount of cryptocurrency that was traded, has printed clear signs that a bottom is in. More specifically, the market printed signs of weak volume (capitulation), a short accumulation at the bottoming range, then a surge out of accumulation into a potentially new bull phase.<\/p>\n<p>They added that they currently see the cryptocurrency market very tied to<a href=\"https:\/\/wncen.com\/2019\/11\/08\/gold-plummets-u-s-stock-market-sees-record-high-will-bitcoin-follow\/\"> risk assets, like the S&amp;P 500.<\/a> With risk assets setting new all-time highs on Friday after a strong jobs report and a potential trade deal, it could be said that BTC will surge higher with the risk assets.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/11\/07\/bloomberg-analyst-explains-bitcoin-price-caged-8000-12000\/\">Bloomberg Analyst Explains Why Bitcoin Price is \u201cCaged\u201d by $8,000 to $12,000 Range<\/a><\/h6>\n<h2><strong>Bitcoin&#8217;s Long-Term Bull Case Remains<\/strong><\/h2>\n<p>Indeed, the cryptocurrency long-term charts and signals still seem to be implying that medium to long-term upside is highly likely.<\/p>\n<p>As\u00a0<a href=\"https:\/\/wncen.com\/2019\/11\/01\/analyst-bitcoin-more-likely-to-surge-50-to-14000-than-fall\/\" data-wpel-link=\"internal\">reported by NewsBTC previously<\/a>, Trader <a href=\"https:\/\/twitter.com\/CryptoHornHairs\" rel=\"nofollow\">HornHairs<\/a> has noted that he \u201clikes the chance we hit $14,000 before $7,000.\u201d He remarked in a recent tweet that with Bitcoin bouncing strong and holding above the one-month bullish breaker, the 0.618 Fibonacci Retracement of the entire cycle, the Point of Control as defined by the volume profile, and the yearly pivot, BTC is leaning rather bullish.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> Monthly confluence<\/p>\n<p>+1M bullish breaker<br \/>+.618 retracement<br \/>+Volume Profile HVN\/PoC<br \/>+Yearly Pivot<br \/>+Inside bar fakeout<\/p>\n<p>I like the chances we hit $14,000 before $7,000. <a href=\"https:\/\/t.co\/0l1VlDAmA0\" rel=\"nofollow\">pic.twitter.com\/0l1VlDAmA0<\/a><\/p>\n<p>&mdash; HornHairs \ud83c\udf0a (@CryptoHornHairs) <a href=\"https:\/\/twitter.com\/CryptoHornHairs\/status\/06353921?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 31, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Also, trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages <a href=\"https:\/\/wncen.com\/2019\/10\/31\/bitcoin-see-collosal-golden-cross-2019-precede-price-boom\/\">will see a \u201cgolden cross,\u201d<\/a> which he claims is far more significant\u201d for the Bitcoin market that other technical crosses.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/11\/06\/squares-cash-sold-150m-worth-bitcoin-q3\/\">Square\u2019s Cash App Sold $150M Worth of Bitcoin in Q3: 250% YoY Growth<\/a><\/h6>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>As you are likely aware, Bitcoin (BTC) hasn&#8217;t done too well over the past two-odd days. Since Friday, the cryptocurrency has shed 6% of its value, tanking from $9,250 to $8,700 in a strong move lower that came after nearly two weeks of bullish consolidation above $9,000. Despite this relatively mild price action, which wasn&#8217;t exactly a move that slaughtered bulls per se, a number of traders have flipped bearish. Bloomberg, for instance, wrote that there is a likelihood that if the bearish pressure persists for a little more, Bitcoin will trend all the way back to $7,300 \u2014 back where it was prior to the most recent swing upwards. This sentiment, according to a number of analysts, is irrational. Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak Bears Are Irrational?\u00a0 Popular crypto trader Mayne recently noted that the &#8220;people waiting for $6,000&#8221; are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it&#8217;s totally possible we can go lower from $8,800. $BTC has it&#39;s 4th biggest bull move ever, $7.2k-$10.5k, and now we are retracing after consolidating. My feed, totally bearish again. We can go lower sure, but I think the same people waiting for $6k are going to be waiting for $7k and will buy back above $10k. Never change CT! &mdash; Mayne (@Tradermayne) November 8, 2019 Crypto Michael echoed this line. The Amsterdam Stock Exchange trader poked fun at the euphoria that bears have had over the past days, accentuating the irrationality of the claims that a retest of the lows is on its way, especially in the context of the recent 42% gain: I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with a $300 retrace after one of the most bullish candles in the history of bBTC. I do remember bears being euphoric with a $1000 dropdown on a daily candle, now they are euphoric with a $300 retrace after one of the most bullish candles in the history of $BTC. Interesting. &mdash; Micha\u00ebl van de Poppe (@CryptoMichNL) November 9, 2019 Delphi Digital has corroborated this sentiment with data. Per previous reports from NewsBTC, the prominent cryptocurrency markets research firm found that there is a confluence of evidence suggesting that Bitcoin found a trend bottom at $7,300 two weeks ago. One of their tidbits of evidence is that Bitcoin\u2019s volume profile, the amount of cryptocurrency that was traded, has printed clear signs that a bottom is in. More specifically, the market printed signs of weak volume (capitulation), a short accumulation at the bottoming range, then a surge out of accumulation into a potentially new bull phase. They added that they currently see the cryptocurrency market very tied to risk assets, like the S&amp;P 500. With risk assets setting new all-time highs on Friday after a strong jobs report and a potential trade deal, it could be said that BTC will surge higher with the risk assets. Related Reading: Bloomberg Analyst Explains Why Bitcoin Price is \u201cCaged\u201d by $8,000 to $12,000 Range Bitcoin&#8217;s Long-Term Bull Case Remains Indeed, the cryptocurrency long-term charts and signals still seem to be implying that medium to long-term upside is highly likely. As\u00a0reported by NewsBTC previously, Trader HornHairs has noted that he \u201clikes the chance we hit $14,000 before $7,000.\u201d He remarked in a recent tweet that with Bitcoin bouncing strong and holding above the one-month bullish breaker, the 0.618 Fibonacci Retracement of the entire cycle, the Point of Control as defined by the volume profile, and the yearly pivot, BTC is leaning rather bullish. $BTC Monthly confluence +1M bullish breaker+.618 retracement+Volume Profile HVN\/PoC+Yearly Pivot+Inside bar fakeout I like the chances we hit $14,000 before $7,000. pic.twitter.com\/0l1VlDAmA0 &mdash; HornHairs \ud83c\udf0a (@CryptoHornHairs) October 31, 2019 Also, trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a \u201cgolden cross,\u201d which he claims is far more significant\u201d for the Bitcoin market that other technical crosses. Related Reading: Square\u2019s Cash App Sold $150M Worth of Bitcoin in Q3: 250% YoY Growth Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":401289,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[166,428,2887],"class_list":["post-403805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analysis-2","tag-bitcoin","tag-market"],"acf":[],"yoast_head":"\n<title>Is Bitcoin Really Doomed? Analysts Skeptical of Bear Bias After $400 Drop<\/title>\n<meta name=\"description\" content=\"As you are likely aware, Bitcoin (BTC) hasn&#039;t done too well over the past two-odd days. 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