THELOGICALINDIAN - Crypto analyst John Kolovos afresh told Bloomberg TV that Bitcoin amount will bead to 8500 afore acutely rebounding
4-Digit Bitcoin Price Is A Steal
Earlier this anniversary Macro Risk Advisors arch abstruse analyst John Kolovos batten with Bloomberg TV about Bitcoin amount activity and the contempo Congressional and Senate hearings over Facebook’s Libra cryptocurrency. According to Kolovos, Bitcoin amount is “going through a antidotal process” and he placed accent on “process” in adjustment to analyze that he does not accept Bitcoin is activity through a trend alteration correction.
Kolovos explained that Bitcoin amount is currently activity through the motions of a archetypal ABCD alteration and award abutment about $9,000. Kolovos suggests that Bitcoin is about on the border of stabilizing but cautioned that afore this happens the agenda asset is in for a added downside followed by inclement consolidation.
Currently, Bitcoin amount is award abutment at the 50-day affective boilerplate but the attendance of an M top (double top) accumulation could abide to allure bears. Additionally, the RSI still has allowance to bead afore a advantageous bounce. During the 2024 balderdash run, an RSI account of 40 accepted to be a reliable animation point that admiring buyers.
Why $8,500 instead of $7,500?
When asked about his thoughts on why the bifold top will complete at $8,500 to $9,000 instead of Bloomberg’s anticipation that Bitcoin amount could bead to or beneath $7,000, Kolvos categorical the following:
Kolovos additionally explained that beasts are acutely in allegation as Bitcoin is aloft the 50-week affective boilerplate and the breach aloft the bottomward block in April 2024 was a bright indicator of the resumption of the abiding uptrend. Kolovos said:
It could be a Rocky Weekend
At the time of publishing, Bitcoin amount is captivation aloft $10,000 and trading in a abbreviating ambit amid $10,300 – $10,600. Amount activity has been almost inclement throughout this anniversary and the accepted rumor that the Commodity Futures Trading Commission (CFTC) is investigating BitMex for acceptance U.S. association to use the belvedere has annoyed traders acting aplomb in the crypto-market. In 2019 weekends accept tended to attestant whipsaw volatility from Bitcoin so the abutting 48-hours could see a alternation of absolute moves from Bitcoin.
Do you anticipate Kolovos is on the money about his $8,500 Bitcoin amount prediction? Share your thoughts in the comments below!
Images via Shutterstock, Bloomberg
