{"id":434204,"date":"2020-08-12T10:00:16","date_gmt":"2020-08-12T10:00:16","guid":{"rendered":"https:\/\/wncen.com\/?p=434204"},"modified":"2024-06-11T07:36:28","modified_gmt":"2024-06-11T07:36:28","slug":"its-do-or-die-for-bitcoin-heres-why-analysts-think-so","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/its-do-or-die-for-bitcoin-heres-why-analysts-think-so\/","title":{"rendered":"It’s “Do or Die” For Bitcoin: Here’s Why Analysts Think So"},"content":{"rendered":"

After peaking at $12,000 this weekend, Bitcoin dove off a cliff, plunging to $11,300 as of this article’s writing. The cryptocurrency followed the price of gold lower, which is down around 7% in the past 24 hours.<\/p>\n

Bitcoin is still holding above the pivotal $10,500 level but analysts say that the asset is in a “do or die” position. BTC failing to hold current levels could precede a strong leg lower, potentially kickstarting a full-blown bear trend.<\/p>\n

BTC’s recent price action has not impressed investors, who noted just days ago that the cryptocurrency was poised to see new year-to-date highs.<\/p>\n

Bitcoin Is in Make of Break Territory, Say Analysts<\/strong><\/h2>\nAccording to a cryptocurrency trader, Bitcoin is currently in make or break territory as it slides towards the ever-important $11,000 support. Referencing the chart below, which shows that BTC is effectively on the edge of a cliff, the trader in question wrote<\/a>:<\/p>\n
“Starting to look pretty bad, but given we’re still above $11k and around support, it’s not all over yet. Bulls really don’t want to see these levels fall otherwise it’s a short way back in the old range. This is do or die IMO so bulls better do. I’m still leaning bearish.”<\/p><\/blockquote>\n
$\"Image\"$ <\/p>\n
Chart of BTC's price action over the past few weeks with a range analysis\/price level analysis by trader DonAlt (@CryptoDonAlt on Twitter). Chart from TradingView.com<\/a><\/pre>\n
Bitcoin bouncing here, though, could indicate that the cryptocurrency remains in a macro uptrend.<\/p>\n
Other analysts are especially eyeing the $10,400-10,600 region. That region acted as a point at which three separate BTC rallies have topped in the past 12 months: one in October 2019, one in February 2020, and one just months ago in June.<\/p>\n
Bitcoin losing that level would not be good for the bull case, to say the least.<\/p>\n
Related Reading:\u00a0 Crypto Tidbits: Bitcoin Explodes Past $11k, Ethereum 2.0 Nears, Cardano\u2019s Shelley Launches<\/a><\/h6>\n
Long-Term Bull Case Still Intact<\/strong><\/h2>\n
While Bitcoin’s price is exuding weakness in the near term, analysts are certain that the long-term bull case is intact.<\/p>\n
Dan Tapiero, the founder of Gold Bullion Int. and a prominent Bitcoin bull, recently commented that the cryptocurrency is poised to go parabolic this cycle:<\/p>\n
\u201cTremendous long term Log Chart of #Bitcoin projects up 5-10x on this run. Just breaking up NOW. Should last a few years as 2.5yr consolidation is fantastic base for catapult up. Break of old highs will have explosive follow through. Time to sit and be patient.\u201d<\/p><\/blockquote>\n
\n
Tremendous long term Log Chart of #Bitcoin<\/a> projects up 5-10x on this run.<\/p>\n
Just breaking up NOW.<\/p>\n
Should last a few years as 2.5yr consolidation is fantastic base for catapult up.<\/p>\n
Break of old highs will have explosive follow through. Time to sit and be patient.<\/p>\n
H\/T @RaoulGMI<\/a> pic.twitter.com\/08bIpZ6i9h<\/a><\/p>\n
— Dan Tapiero (@DTAPCAP) August 11, 2020<\/a><\/p><\/blockquote>\n