In the first month of 2019, Bitcoin slightly pleased traders with the mark above $ 4 000, and then dropped below $ 3 500.
Is bitcoin still at risk?
Despite successful attempts of the first cryptocurrency rate to grow, some traders are confident that it is still at risk and may fall critically low.
Technical analyst DonAlt is sure that if Bitcoin’s rate remains in the range from $ 3 300 to $ 3 500, then it will fall to $ 2 000 mark.
$BTC daily upd.:
Sitting in the last buy zone b4 new lows.
Cut some of my buys due to the breach of the top of the zone.
Looking to re-add them if it is reclaimed.
If green fails I expect a quick move into the 2k’s.
If it holds 4k is on the cards.
S: 3340 & 2600~
R: 3700 & 4000 pic.twitter.com/Q2opt7P89H
— DonAlt (@CryptoDonAlt) 30 января 2019 г.
Bitcoin might avoid falling, but without a strong catalyst, it will not be able to make a corrective rise.
Mayne has a similar opinion. He said that if BTC does not keep this impulse at the current level, its rate will fall below $ 3 000.
Was expecting more bullish PA at these levels, not looking great. Rejected from resistance and forming bearish MS on the H4.
As I said earlier if we are going to bounce it will happen from these levels IMO, if we lose the swing low (x) I think we drop fast. pic.twitter.com/DuAUYJaFqe
— Mayne (@Tradermayne) 30 января 2019 г.
Mayne previously claimed that Bitcoin would decline by 50% from $ 3 500.
Big players going crypto
If the financial market somehow manages to attract large financial institutions, then investors will receive a long-term guarantee. However, the crypto market is still in a bad mood after the peak value dropped by 85%.
It is possible to strengthen the cryptocurrency infrastructure, but it requires participation of blockchain companies. Companies Nasdaq and Fidelity have already begun to support the crypto market, thereby demonstrating an asset class to institutional investors.
Taking into account a cyclical trend on cryptocurrency markets, analysts expect the downward price movement to stop. After the first two quarters of 2019, the tone of the crypto market may change.
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