Bloomberg: BTC price may go down again
According to analysts at Bloomberg, the leading indicators of price movements show that Bitcoin may begin to decline again.
The corresponding report Bloomberg published on Tuesday. The publication states that “identifiers that are determined by market factors, signaling long-term consumer demand for Bitcoin, are getting worse,” and thus pressure on buyers may increase. Bloomberg notes that since mid of February, the indicator of convergence and divergence the moving average (MACD) of the main cryptocurrencies is moving downwards.
Bitcoin has tested the $ 4,000 mark several times in previous weeks but has so far failed to consolidate above it for a significant period. Bloomberg says that until Bitcoin breaks through this level, it is likely to face an influx of vendors. Bloomberg analyst Mike McGlone said:
- “The whole industry is ripe to resume the path to lower prices. Conditions are akin to November of 2018, just before the collapse. Prices are consolidating in narrowing ranges, with a few sharp races on market seem fleeting.”
Other industry experts believe that investors are refusing Bitcoin to transfer their money to Altcoins. EToro Senior Analyst Mati Greenspan said:
“Now investors see more potential in smaller cryptoactive assets. As we approach the climax of a cryptocurrency “winter,” we see that some Altcoins have shown impressive results over the past few weeks. Now we are at the point that industry insiders like to call the Altcoin season. ”
At the moment, Bitcoin is trading at $ 3,899.40, losing 0.41% over the past day.