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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Analysts: Bitcoin to Post More Losses After BTC Flash Crash to $11,200

Nick Chong
Nick Chong
1 year ago
2 mins read

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Youch. On Saturday, Bitcoin (BTC) was subject to the umpteenth flash crash in the past few weeks. Within a few minutes’ time, the cryptocurrency had shed $500 — around 4.5% — to lose the key support of $11,800.

Related Reading: Crypto Tidbits: Bitcoin Mining by Blockstream, Ripple Investment Plans, Binance US Unveils Altcoin Lineup

Bitcoin has since found some stability, ranging between $11,100 and $11,450. Altcoins have, surprisingly, outpaced BTC for the first time in a number of days, with some crypto assets managing to post slight gains on the day.

Analysts Leaning Bearish on Bitcoin

Despite the stability and minor resurgence in altcoins, analysts are still leaning bearish on Bitcoin. You see, the sudden drop lower was not followed by a bullish rebound, as BTC remained trapped under a number of pivot points.

So with it understood that Bitcoin isn’t doing all too well, where are Crypto Twitter’s top analysts and investors expecting for BTC to head?

Adaptive Capital’s Murad Mahmudov, one of the most respected cryptocurrency traders on Twitter, recently explained that he is looking for a dip to occur — but one that won’t be that severe.

Two blue circles are buy the dip areas of interest for me with the higher one being more likely imo pic.twitter.com/Ei8dAM8Jag

— Murad (@MustStopMurad) August 10, 2019

As he outlined in the chart above, there are two levels that are currently piquing his interest — $10,900 and $10,000. Those two price points coincide with two technical levels: one being a moving average, the other being an uptrend that BTC has bounced off of at least three times during its recent rally.

Related Reading: Bitcoin & Tether Trading at a Discount in China: What Safe Haven Narrative?

Mahmudov claims that he believes Bitcoin is more likely to stay above $10,900 than to fall to $10,000. But, should a move lower occur, he won’t mind accumulating some coin at $10,000.

The Adaptive Capital chief investment officer isn’t the only that expects for BTC to enter into the $10,000 range. Up-and-coming chartist Crypto Hamster recently explained that Bitcoin is likely to find support at prices lower than current trading levels.

While he didn’t have an exact price target, he/she did note that there is a mass confluence of technical levels and trends in the $10,000 range.

For instance, the 50-day moving average is currently at $10,930, and the low of the trading range is just $80 lower. Also, there are some key lines, like a rising support trend and Bollinger Band base, in the low-$10,000s, right above where Mahmudov’s secondary target is.

Bearish short term scenario.
Long entry zone is shown in green.
Aggressive entry at 11020$.
Safer entry at 10250$.$BTC $BTCUSD #bitcoin pic.twitter.com/rUveOOAKdP

— CryptoHamster (@CryptoHamsterIO) August 10, 2019

In other words, if selling pressure is to persist and bulls fail to step in, Bitcoin is likely to find some reprieve around $10,000. But whether or not that to-be-had bounce has momentum remains to be seen.

Trend Still Bullish

It is important to note that the overall trend for Bitcoin is still bullish. As reported by NewsBTC previously, the Moving Average Convergence Divergence (MACD), a trend indicator, recently crossed into the positive — green — for Bitcoin’s one-day chart.

The last time this technical signal was observed, BTC saw two massive rallies in the coming weeks. Should history repeat, the cryptocurrency still has a good 40% or so.

Featured Image from Shutterstock
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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