Bitcoin price analysis: BTC/USD rangebound; Bitcoin will cost $5,000 by the end of summer, expert says
|- Jordan Hiscott comes out with another bearish forecast.
- BTC/USD is trading below all short-term MAs.
Most coins are in red again as the recovery momentum proved to be too weak to take prices above critical resistance levels. While no one knows for sure when this bear market hit the bottom, ceteris paribus, we will continue hitting new lows for the foreseeable future. Bitcoin is changing hands at $6,080, down 2.4% on daily basis.
While crypto bulls like Brian Kelly, John MacAfee, and others try to calm the panic, encouraging traders to put things into perspective, there are some doomsayers with new gloomy forecasts. Chief trader Jordan Hiscott is one of them. He claims that the worst isn't over as Bitcoin will cost about $5,000 by summer’s end.
"The ability to trade and get access to both positions and funds hugely affects the perception of the stability of crypto assets as a whole. This is important as not having the backing of governments, unlike fiat currencies, makes crypto vulnerable, which is evident in today’s fall in the value of Bitcoin," he said in the interview with Express.co.uk.
Hiscott believes, that tighter approach of Japanese regulator coupled with several hack attacks will influence the market sentiment within summer months.
Bitcoin technical picture
BTC/USD is trading below all 30-min MAs, which is a negative intraday signal. The price recovered from early losses reached at $6,006, but still in the red zone on daily basis. The local support is created by $16,137 (200-SMA, 30-min), followed by $6,194 (100-SMA, 30-min). Once this area is cleared, BTC/USD may extend the recovery towards the ultimate resistance created by the upper line of Andrew's pitchfork (now at $6,330).
On the downside, $6,000 serves as a critical support, followed by Sunday's low at $5,777.
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