{"id":418653,"date":"2020-03-19T22:30:26","date_gmt":"2020-03-19T22:30:26","guid":{"rendered":"https:\/\/wncen.com\/?p=418653"},"modified":"2024-06-11T13:46:34","modified_gmt":"2024-06-11T13:46:34","slug":"analysts-dont-believe-the-bitcoin-bottom-is-in-despite-todays-massive-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analysts-dont-believe-the-bitcoin-bottom-is-in-despite-todays-massive-rally\/","title":{"rendered":"Analysts Don\u2019t Believe the Bitcoin Bottom is In Despite Today\u2019s Massive Rally"},"content":{"rendered":"
Bitcoin saw some intense upwards momentum today that allowed it to rally into the $6,000 region, with this upswing coming about after an extended period of sideways trading around $5,000.<\/p>\n
This movement came independent of the U.S. stock market \u2013 which has been firmly guiding BTC over the past several weeks \u2013 leading some to believe that the crypto is decoupling from the benchmark indices.<\/p>\n
Although the market sentiment is growing firmly bullish, it is important to note that multiple analysts are claiming that they don\u2019t believe the bottom is in, signaling that the crypto may see significantly further downside in the near-term.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up just under 20% at its current price<\/a> of $6,200, which marks a notable climb from daily lows of $5,100 that were set yesterday while the crypto was caught within its firm bout of sideways trading.<\/p>\n In the near-term, it does appear that the crypto has reached strong resistance around its current price levels<\/a>, which could prove to be insurmountable for it in the hours ahead.<\/p>\n CryptoGainz, a popular cryptocurrency analyst and trader on Twitter, spoke about this resistance in a recent tweet, explaining that he is currently betting against the crypto seeing a continuation of its uptrend, as it is currently pushing up against a trendline that was recently broken.<\/p>\n \u201cBTC – betting against continuations from here and waiting on intraday short setups to appear. Multiple shallow high sweeps etc,\u201d he explained while referencing the trendline seen on the below chart.<\/p><\/blockquote>\n https:\/\/twitter.com\/CryptoGainz1\/status\/90155521<\/p>\n Although many investors believe that Bitcoin\u2019s recent lows<\/a> will mark a long-term bottom for the cryptocurrency, one top trader disagrees with this notion.<\/p>\nThis Top Analyst Doesn\u2019t Think the BTC Bottom is In<\/strong><\/h2>\n