Just two days ago, despite bitcoin hoping on the bullish train, the number one cryptocurrency by market cap crashed below the $4,000 mark and cryptoanalyst are warning that BTC is reaching a dangerous level. In today’s bitcoin news we are focusing on one particular analyst. Mark Dow warns that bitcoin is getting close to a dangerous level where even the bulls need to ‘’GTFO.’’ He is a former IMF economist who regularly comments the price fluctuations on bitcoin. After crashing below the $4,000 he pointed out that bitcoin’s technical indicators are not pretty:
“Nasty little air pocket in #bitcoin. If you are a crypto bull, you do NOT want to see this red line broken (~3550). Would be a very bearish sign. Man, bitcoin, technically, is really on the ropes here.”
His view is quite interesting because of the fact that he doesn’t really believe in its long-term fundamental value and admits that he knows very little about it. He even tweeted earlier this month:
‘’I’ve yet to hear a positive, credible use case for bitcoin. Plus, I see a lot of delusional arguments & scammy promotion. However, truth is I know v little about it. What I do know is it has been highly tradeable based on patterns, and I suspect it will continue to be.’’
Dow warned that the market could see another drop despite that many analysts have a different opinion. For example, Senior Market Analyst Mati Greenspan of eToro says that the movement of bitcoin was ‘’actually insignificant’’ because the altcoin is still within its range. Mati also pointed out that the Thursday’s drop didn’t affect BTC’s technical asset outlook. In any case, the price slightly recovered from the Thursday losses reaching $3,662 at the time of writing.