At the time of this writing, Bitcoin has recovered from a minimum of $ 4,134 to $ 4,306. But, despite the recovery, digital coin No. 1 is still 7% lower than Thursday and is trading within a clear short-term bearish trend.
Meanwhile, CryptoOracle partner Lou Kerner is confident that the volatility of the cryptocurrency market is natural. The current collapse is not the worst page in the history of Bitcoin, which once lost 70% of its value overnight.
Despite the crash, the expert believes that Bitcoin will ultimately overtake gold:
I think Bitcoin is a very valuable commodity. It must surpass gold over time, and this will not happen overnight.
In the short term, the BTC / USD pair is limited to the level of $ 4,450, reinforced by the SMA50 (1 hour). After BTC exceeds this level, recovery can be increased to levels of $ 4,600 – $ 4,640, which stopped the coin during the two previous recovery attempts.
On the other hand, a steady downward movement after reaching the Asian minimum ($ 4,134) may lower the coin to levels of $ 4,050 and $ 4,000. Hopefully buyers will appear around this area, otherwise Bitcoin will fall even lower.
And what do you think about this?
