íàçâàíèå

Bearish Sentiment Mounts As Bitcoin (BTC) Plunges Below $4,400

When an overwhelming number of cryptocurrency investors thought it couldn’t get any worse, it did.

Bitcoin (BTC), afterfalling under $5,800 onNovember 14th, continued lower on Monday and Tuesday morning, moving under a multitude of supposedsupport levels at $5,000, $4,800, and, most recently, $4,400. Altcoins, save forXRP, followed close behind ‘big daddyBitcoin’, posting similar losses of 15%, or even morein acute cases of ‘bear market bowel syndrome’.

Keeping this tumultuous price action in mind, crypto investors have done theirbest to discern where this nascent market could be headed next. And sadly, a majority, like moths to a flame, have looked to bears for answers, as crypto bulls have all butvanished from the limelight.

CNBC’s “Fast Money” Bearish On Bitcoin

Even before Bitcoin’s most recentstint lower, CNBC Fast Money, infamous for its cryptocurrency-related coverage, took to its international television soapbox to bash BTC’s prospects.


Pete Najarian, a seemingly anti-crypto Fast Money panelist, exclaimed that “there will be more pain ahead,” before touching on the fact that Bitcoin’s ‘speculmania’ is quickly becoming a distant memory, as speculators have exited this market en-masse. While Najarian was hesitant to give a concrete price target, the trader noted that interest in crypto just isn’t there anymore.CNBC’s Tim Seymour echoed this sentiment, noting that he too thinks that liquidity has dried up for Bitcoin, and maybe for good.

Dan Nathan also of Fast Money’s panel touched on another pertinent point, explaining that the store of value argument for Bitcoin isn’t valid anymore.

However, many optimists have since contradicted the trader’s claims, first claiming that institutional interest is booming, before claiming that gold, the de-facto global store of value, is also subject to the whims of the free market and its constituents.


Related Reading:Why Are Novogratz, Fidelity, And Bakkt Banking On Institutional Crypto Investors?

Funny how CNBC’s Fast Money panel crawled out of the woodwork to talk crypto on Monday, as Bitcoin (BTC) fell to establish new year-to-date lows. Still, the fact of the matter is that Fast Money is touting its bearish forecast, which some see, in a testament to NewsBTC’s previous reports on the “CNBC Contrarian Bitcoin Indicator,” as a bullish signal.

The Trend Isn’t In Bitcoin’s Favor

While CNBC’s cryptocurrency analysis was lackluster at best, bonafide cryptocurrency analysts, such as Murad “MustStop” Mahmudov, sought it best to provide investors with a true market outlook.The chart below, created and shared by Mahmudov, highlights the fact that BTC is in the midst of a long-term descending triangle, a bearish trend for those not in the know.

As highlighted by the analyst, $3,000 per BTC could be on the cards, but only if the asset fails to break out of its year-long downtrend before late-2018/early-2019. Although a breakout isn’t out of the realm of possibility, taking current sentiment into account, $3,000 could sadly be in crypto’s mid-term future. In another piece of analysis, Mahmudov used Bitcoin’s historical price action to predict that crypto’s bear market could last for up to 665 days, with BTC likely finding a bottom at $3,000.

While analysts are evidently pointing for BTC to move lower for the time being,there are still a number of industry insiders that are bullish on the long-term prospects of this asset class.


Featured Image from Shutterstock

The post Bearish Sentiment Mounts As Bitcoin (BTC) Plunges Below $4,400 appeared first on NewsBTC.

20.11.2018 / 02:10 11
Crypto Market Continues Lower, ETH Falls Below $200, BTC at $6,150 Crypto Market Continues Lower, ETH
Crypto Market Sees Violent Move To The Downside,  BTC Falls 4%  After days of sideways price action, on Saturday, traders awoke to a horrific sight,
CNBC as Reverse Indicator of Bitcoin Price ’95 Percent Accurate’ CNBC as Reverse Indicator of Bitcoin
Mainstream media network CNBC has become an unlikely Bitcoin hero this week after an analyst showed its bull and bear forecasts were, in fact, signs
Crypto Market Sees 3% Pullback After A Short-Term Recovery Crypto Market Sees 3% Pullback After A
As Tuesday rolled around, many traders thought that the worst was yet to come for the market, with critics expecting Bitcoin to chip away at the
Are The Bitcoin Bulls Back? Brian Kelly Weighs In Are The Bitcoin Bulls Back? Brian Kelly
As reported by Ethereum World News, the cryptocurrency market has been on a surprising tear over the past 24 hours, with a majority of assets posting
CNBC Fast Money: Analyst Expects Further Decline CNBC Fast Money: Analyst Expects
OnChain Capital Founder Calls For $5350 On CNBC’s Fast Money Segment Seeing an influx of selling volume, Bitcoin has recently fallen by around $250
Bitcoin Bull Tom Lee Refutes Bearish Sentiment, Predicts Further Gains Bitcoin Bull Tom Lee Refutes Bearish
Tom Lee is back, with another round of Bitcoin bullishness on-air CNBC’s ‘Fast Money’ segment. PermaBull Tom Lee Appears on CNBC Fast Money On
Comments (0)
Add a comment
Comment on