The historical graph of Bitcoin seems to be tossing out a possible positive outlook for the leading cryptocurrency as the entire cryptocurrency market goes red, breaking several psychological supports with downward trend. Quite a large number of analysts were struck by confusion on the possible outcome of BTC trend, some remained firm on their bullish sentiments, and a few number averred that uptrend is a no go area for the digital currency.
Bitcoin is no doubt an asset with high level of volatility. However, Bitcoin’s 9 year chart signals that the ongoing pull back from $10,000 range to $7K could be a blessing in disguise for the cryptocurrency, its investors and entire ecosystem at large.
Before the ongoing regression faced by the cryptocurrency market, a lot of observers opined that Bitcoin and its contemporaries have initiated a bull run, especially when it was moving towards $14K in the second quarter of the year. Nevertheless, the story changed as the table turned around for the ecosystem.
Bitcoin exchange rate continues to trade low against the USD, but an analyst by the name Nunya Biznic remained resistant against the market panicking force, insisting that hope for a bull market might not be dead yet.
He’s rigid that pull back is among the factors that pave way for the bull run journey. Analyst Nunya Bizniz said BTC has since its creation closed beneath its 200 Displaced Moving Average (DMA) three times.
During a bull market BTC has closed beneath its 200DMA three times.
Will today be the fourth? pic.twitter.com/8Rcc5SMTNj
— Nunya Bizniz (@Pladizow) September 26, 2019
He furthered that as Bitcoin seems to be displaying a similar trend, the ongoing retracement could mark the fourth time BTC would close beneath its 200DMA. However, if this happens, a bull market may be building up.
Bitcoin Price analysis
At press time Bitcoin is dressed with green color but the market situation is no doubt unfavorable. BTC is now struggling to stay above $8K after witnessing massive drops in price that has been persistent since the beginning of the week.
Meanwhile, a unit of Bitcoin is valued $8,007 against the US Dollar haven positively maturated by 1.22% in the last 24 hours.