In recent time the value of the top value cryptocurrency, Bitcoin has seen stability within the range of $3,800 and $3,900, and the next move of its value remains a debate. The technical analysis reveals a bearish trend, and fundamental analysis is saying otherwise. Which will prevail?
From The Technical Standpoint
The value of Bitcoin has seen stability around $3,000+ for some weeks now. While the subject of the value of Bitcoin remains a concern for most crypto enthusiasts, technical analysts
A lot of technical analysts still believes the dispensation of price diving lower isn’t over yet. A recent Bloomberg report noted that the moving average convergence divergence indicator has been declining since mid-February. This was a signal that another selling pressure will soon dominate the crypto market, as analyse.
Also, the report further noted that long term buying demand for cryptocurrencies are deteriorating and it is a sign that selling pressure could intensify.
A Bloomberg Intelligence analyst, Mike McGlone, while commenting on the crypto market noted that the present condition of the market is similar to November 2018, before the last deep plunge took place.
Quoting McGlone, he says; “The entire industry is ripe to resume a path to lower prices…Conditions are akin to November, just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.” Meanwhile, another fall could see Bitcoin drop to $2,000.
From The Fundamental Standpoint
Fundamental analysis maintains that Bitcoin is Bullish. In recent time the Bitcoin market has seen an increase of adoption which indicates a possible Bullish trend is around the corner.
Big personalities in the tech industry have become vocal on their interest in Bitcoin recently. Apple co-founder, Steve Wozniak recently stated that current BTC prices are not the result of fundamental weakness. Twitter and Square CEO, Jack Dorsey also said that he is currently spending a large amount of money to acquire Bitcoin, and Tesla CEO, Elon Musk also recently lauded Bitcoin as “brilliant.”