Tanya Abrosimova
Independent Analyst
- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.