From new signs of a potential Bitcoin retracement to a big increase in transactions on the Ethereum network, here’s a look at some of the stories breaking in the world of crypto.
Analyst Peter Brandt is sending out a word of caution on Bitcoin’s price action. According to the man who called Bitcoin’s big crash in January of 2018, BTC could be facing a rough patch ahead.
According to Brandt, a comparison of Bitcoin’s current price action to the Nasdaq’s movements before the dot com burst shows a number of similarities. Brandt says if BTC climbs above $12,444 in the short term, then the comparison no longer applies.
The analogue concept is a foundational premise of chart analysis — that forms tend to repeat, even in different time frames. Nasdaq 100 in 1999-2000 vs. BTC currently. Advance above 12444 violates possible analogue $BTC Forewarned = fore-ready pic.twitter.com/PzYr0MgG1v
— Peter Brandt (@PeterLBrandt) June 30, 2019
Meanwhile, crypto analyst and trader Josh Rager says Bitcoin has had a great month, but recent price action indicates a potential dip down to $9,500.
“Monthly close is looking good, strong month of June but BTC still has the ability to retrace to $9,500 in coming weeks.”
$BTC Monthly close looks good
Weekly close looks ugly, you’ll likely see this shooting star type of doji all over CT
Which typically is a signal for reversal & we could see a couple of down weeks for Bitcoin
But be happy as that would mean prime buying opportunities ahead pic.twitter.com/szZLVShLKD
— Josh Rager 📈 (@Josh_Rager) July 1,