The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Two Cryptocurrency Strategists Unveil Bleak Outlook for Bitcoin (BTC) – Here’s How Low It May Go

by Daily Hodl Staff
March 2, 2020
in Bitcoin

A pair of crypto analysts say Bitcoin’s pullback is not over yet.

Global macro trader and cryptocurrency strategist at LMAX Group, Joel Kruger, says it’s clear the largest cryptocurrency remains vulnerable. In the current global economic climate, he believes Bitcoin may plummet to as low as $6,000 before finding stability.

“Bitcoin has had a run-up in 2020. We’ve seen a pullback here. There’s a lot of support that we see down towards the $6,000 area and it’s very possible that we could see a pullback down to that level before the market, I suspect, will be very well supported. On the top side, we have $10,500, which is where we stalled out, and we need to establish back above that level for any kind of confirmation or suggesting that we could start to see a breakout.”

Despite the sharp correction, Kruger says it’s important to analyze Bitcoin’s price action compared to its typical volatility.

“If we look at just percentages in performance last week in the market – so we look at the performance of gold, which fell about 4.5% last week, then we look at the equity market performance. The S&P 500 was down about 10% last week, and Bitcoin was down 12%. But that’s very misleading because what we need to do is look at the price action relative to the volatility of each market.

When we look at it like that, everything changes. Bitcoin last week only moved 1.5 or 1.6 times its average weekly range. So a little bit more than its weekly range, but not significantly. This compares to the S&P 500 moving 4.5 times it’s average weekly range and gold moving about 3 times its average weekly range. So when you look at it relative to their average ranges on the weekly, Bitcoin’s just kind of business as usual – a little bit more, given all the volatility, but the least of these markets.”

Trader and analyst Joe Saz also believes Bitcoin’s reversal is not over yet. Saz says the fact that BTC bulls failed an attempt to lift the leading cryptocurrency above $8,700 over the weekend does not bode well for the short term.

“These lower highs are killing us and this failed breakout is a sign that there’s a lot of weakness from the bulls.

I’m not very pleased with what I’m seeing. In fact, I hate to put this figure on the table, but I think $7,600 is very possible.”

Meanwhile, traders Josh Rager and Cantering Clark are tracking the order books to gauge what lies ahead. Clark says BTC may be coiling up for a bounce if it can stay above $8,600. Bitcoin is currently at $8,665 at time of publishing, according to CoinMarketCap.

$BTC One of the few things that will change my mind about bias is order flow

Got in a long at $8550, with stop loss

If this fails, will stagger longs in $8200s

Followed by $7900s

That's my plan https://t.co/lgRuWKpSzk

— Josh Rager ? (@Josh_Rager) February 28, 2020

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Inked Pixels

Submit a Press Release

Industry Announcements

  • Sui Surpasses $150 Million in TVL, Showcasing Blistering DeFi Momentum
    November 30, 2023
  • Duelbits Announces Landmark Collaboration With Football Icon Luis Suárez
    November 29, 2023
  • BinaryX Launches AI Chat Game ‘AI Hero’ With Limited NFT Mints
    November 28, 2023
  • Binance Labs and BNB Chain Open New Founder-Focused Track To Incubate 100 Early-Stage Projects
    November 24, 2023
  • Socrates Launches Groundbreaking Social Media and Entertainment Platform for Web 3.0 Users Globally
    November 23, 2023
  • GCEX Receives Operational VASP License From Dubai’s Virtual Assets Regulatory Authority
    November 22, 2023
  • Yubo Ruan – Revolutionizing Web 3.0 With a Web 3.0 Super-App
    November 22, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$38,172.23
$38,172.23
0.59%
Ethereum
$2,093.13
$2,093.13
2.84%
Cardano
$0.379189
$0.379189
0.33%
XRP
$0.610948
$0.610948
0.96%
Dogecoin
$0.083971
$0.083971
2.78%

Spotlight

  • ‘Beginning of the End’ – Crypto Bear Issues Urgent Bitcoin Warning, Says BTC Crash to $12,000 Still in the Cards
    November 23, 2023
  • Top Analyst Says Polygon Has Plenty of Fuel in the Tank, Updates Outlook on Bitcoin, Ethereum and Solana
    November 23, 2023
  • $2,907,170,360 in Ethereum Accumulated by 200 Largest ETH Whales in One Year, Says Analytics Firm Santiment
    November 23, 2023
  • Former Bloomberg Analyst Says AI, NFTs and Three More Crypto Use Cases Will Drive Blockchain Adoption
    November 23, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2023 The Daily Hodl