Bitcoin, the largest cryptocurrency by market capitalization still lingers above $8,000 support level. This price range has been maintained for quite a number of days. Price trend expectations are rising due to the eagerness of Bitcoin enthusiasts to see big move on either side.
This prompted a popular crypto analyst, Magic, to dissect the chances of BTC embarking on a significant price trend by pinpointing that $6,600 price range should be expected for the Bitcoin if it fails to regain 50 Moving Average (MA).
Analyst Says $6,600 is Possible for Bitcoin
The crypto analyst recently shared his opinion with teeming followers on Twitter regarding the price trend of Bitcoin.
In his sentiment with a captioned chart, he said the continuous downtrend of BTC since it attained its 2019 high is obvious. He then noted that the digital currency has failed to close above 50 MA, which seems to be an unfavorable indication for the growth of BTC.
Conclusively, he averred that failure for BTC to regain the 50 MA could aid the price of the cryptocurrency to retrogress to $6,600 price region.
He said, “BTC remains in a downtrend, since the 13,800 high of 2019. The past few days have failed to close above the 50 MA. If the 50 MA cannot be regained, price is setting up for a fall to the 6600 range.”
BTC remains in a downtrend, since the 13,800 high of 2019. The past few days have failed to close above the 50 MA. If the 50 MA cannot be regained, price is setting up for a fall to the 6600 range. pic.twitter.com/fwdphEStSf
— MAGIC (@MagicPoopCannon) November 18, 2019
Trend of Bitcoin since Attaining Yearly High
Sometimes in June 2019, Bitcoin attained its price yearly high of relatively $13,800. This attainment actually convinced a lot of crypto pundits and analysts of a consistent growth all through 2019.
This was also envisaged as the uptrend that would take BTC beyond the price all-time high it recorded in early 2018, during the bull market that kick-started in late 2017. However, the reverse of such dreams and expectation later played out.
The parabolic movement that aided Bitcoin to record its yearly high commenced sometimes in April 2019. BTC traded as low as $5,500 in early May 2019 and recorded its yearly price high in early June. This indicates the significant upsurge that took Bitcoin closer to breaking the $14,000 resistance level in a short interval.
Since then to now, BTC had experienced more price retrogression than progression. Bitcoin price trend has rendered the usually popular sentiments of notable analysts to mere opinion. Its lately reluctant growth and less volatility have made its price prediction tasking for virtually all the periodic forecasters.
Despite this seemingly discouraging price trend displayed by the king of coins, some Bitcoin enthusiasts still remain positive regarding the soonest breakout of the price of BTC.
Bitcoin Price in the Market
Bitcoin is still hovering around $7,919 price region, but more crypto enthusiasts seem expecting downtrend than uptrend if the recently concluded poll on Twitter is put into consideration.
What happens first?
— Mr. Anderson (@TrueCrypto28) November 18, 2019
From the sample of 1783 voters, 54% expect downtrend to $7,200 to happen first, however, the sample taken is small compared to the mixed opinions of vast members of the crypto community. BTC is trading at $7,919, with about 1% price drop in the last 24 hours.