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Over the past 30 minutes, Bitcoin (BTC) has plunged by $300 from $9,515 to $9,200. As such, the cryptocurrency is now trading 3% down on the day. While this wasn’t a decisively bearish move in and of itself, a sentiment that “the rally is over” is starting to bubble in trading circles.
Related Reading: Coffee for Crypto? ICE to Launch Bitcoin Consumer App with Starbucks
Bearish Bitcoin Analyses Rack Up
This move comes as bearish Bitcoin analyses have begun to reappear on Twitter, despite the historical 42% move that the leading cryptocurrency saw on the weekend.
As reported by NewsBTC previously, analyst Velvet noted that Bitcoin’s recent surge upward hasn’t convinced him that a crypto market rally to fresh all-time highs isn’t inbound. They argued that their analysis indicates Bitcoin may be trading in a textbook bearish pattern defined by prominent historical technician Richard Wyckoff.
As Velvet pointed out, the recent rally, according to Wyckoff’s studies, might just be a “throwback” to a bull trend before an eventual breakdown, defined as a “markdown” by the analyst.
I'm not convinced with this weekly close guys, I'm sorry for not being bullish like everyone else. I guess somebody has to be the bear right? or at least have a Conservative approach
Here is something to keep in mind among all the bullish and hopium charts 👇 pic.twitter.com/pNWo6PIO9Y
— MAXi. (@888Velvet) October 28, 2019
Their analysis indicates that the target of the downside move could be closer to where Bitcoin broke out of its accumulation range, near $5,800.
Velvet isn’t the only one spouting bearish analysis. Crypto Walker argued that BTC is still trending in descending channel, having been rejected in a high-volume move at resistance. He added that with the “death cross” still formed and there having been a large “drop in open interest,” he remains bearish.
$BTC daily
The descending channel is still intact. High volume rejection at resistance. Price dumped below 100MA again. Death cross 50/200MA. Huge drop in open interest during the recent pump.
I remain bearish for now but open to switch bias if I see a bullish consolidation. pic.twitter.com/355fNPOjF0
— Crypto Walker (@cryptoWalk3r) October 28, 2019
Bullish Above $8,000
Although there is a growing level of sentiment hinting at an impending correction for Bitcoin, popular macro and crypto analyst Alex Krüger has kept it simple. In a recent tweet, he remarked that Bitcoin’s chart remains bullish as long as the cryptocurrency remains above the $8,000 to $8,200 region — some 15% lower than the current price point of $9,300.
$BTC. Chart. Bullish. Invalidation: 8200-8000. pic.twitter.com/jJWoGGUZqj
— Alex Krüger (@krugermacro) October 28, 2019
He remarked in an earlier tweet that a loss of the abovementioned region will render the recent Bitcoin bull move “dead,” and thus lead to a continuation “lower,” presumably below the multi-month low of $7,300 established late last week.
Related Reading: Analyst: Bitcoin May Target $8,900 After Being Rejected at Key Resistance
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