Technical analyst of the Polish Forex platform Aforti Exchange Marek Paciorkowski suggested that if the downward trend continues, the price of bitcoin may be at around $ 100. This is written by Business Review .
According to the expert, the graph illustrating the "evolution of the bitcoin market" looks like a classic speculative bubble. So, in December last year there was a "bubble explosion", which lasted until February 2018. During this period, the price of BTC fell from $ 19,500 to $ 5,890.
"Since February, every rebound in bitcoin quotations has been accompanied by smaller volumes of trades and a decrease in buyers' interest ," Paciorkowski said. – Therefore, we are obviously dealing with a downtrend within the "Triangle" pattern.
Also, the analyst notes a significant reduction in price volatility:
"In recent months, we have also seen a decline in volatility in the market, as evidenced by lateral movement within the Bollinger Bands , which have repeatedly acted as support and resistance levels ," the analyst continues. – If the market continues to follow these bands, only a break through the level of $ 7715 will be considered a reliable signal for buying, and a drop below $ 5613 is a clear signal for the sale "
According to him, if all attempts by bulls to change the situation turn out to be futile, and the bitcoin price is below $ 5500, then the downward trend will continue and as a result the first crypto currency may drop to $ 100.
Earlier this week, the founder of the Galaxy Digital bank, Mike Novogratz, said that the price of bitcoin could grow by 30% by the end of the year.
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