The price of the Bitcoin is
facing a lot of hurdles, and it is consolidating on the upside near
$10,400. A crucial bearish trend line is
forming, and resistance is seen at $10,400 on the 4-hour chart of the BTC/USD. There likely will be a strong upward move, if
the prices should cross $10,400 and $10,500.
The weekly price analysis of the
past week indicated that there are likely to be more downsides in the price of
the Bitcoin. A decline happened, and it
even spiked below $9,800 support level.
The last low in the swing was seen near $9,757, which was a close below
the $9,800 support level.
The price eventually recovered
above the $10,000 level; however, the upward movement was capped at the
resistance points near $10,400 and $10,500 levels. The price is struggling to gain momentum
above the 50% Fibonacci retracement level.
The major support level is currently at $9,800, and the major resistance
level is seen at $10,500.
Analysts like Antony Pompliano
have overwhelming confidence in the future of Bitcoin; however, he does not
have any confidence in the future of Altcoins.
When asked about when the Altcoins will skyrocket, he stated, “Almost every single one of them will eventually be worthless because there will be no liquidity and they will get delisted from exchanges.” By this, he meant everything from TCAT tokens, LEO, Stellar Lumens, and every namable Altcoin. Therefore, he will not be drawn into discussing which Altcoins he believes will survive the forecast.
While several others agreed to
his view, but there was a whole lot of them who were outraged by the
warning. One of the twitter users
stated, “Without actual details from you, this seems like simple
However, McAfee has a
contradictory opinion that Altcoins will experience “ten times the rise of
Another noteworthy thing is the
psychology of those who have lost money and those who have made money in the
cryptocurrency space. The unhappy token
holders who have lost money have a completely different opinion when compared to
that of those who have made profits.
The price of the tokens goes up
for all kinds of reasons, including the uncertainty factor. And many of them
continue to bet their farm on unproven factors. Rather than one giant leap, we
can expect the Altcoins with reliable use cases to proceed in incremental
While price volatility is a
barrier to adoption “It would be better for space if [price] peaks and
drops were milder,” per Buterin.