Post
Topic
Board Trading Discussion
Re: Why Bitcoin is Declining? And What’s Next?
by
Monfex
on 30/08/2019, 09:45:09 UTC
Currently the bitcoin market is bearish and we do not know how long this could continue, it is wise to get out of the market at this point and hedge in usdt or any other reliable fiat. I hate to trade at such conditions, we may get as low as $7500 at this trend
No, we will likely to see over $10K again, my observation says that when bitcoin drop below $10K, it did not continue to drop, instead, it's going back to $10K again. More likely what we are witnessing now is not a bearish movement but just a normal price fluctuation between that range.

Current price of BTC now is down to $9700, but I know this would not take long and we will come back to $10K again, that's based on the previous trends this month, so hopefully when it come back again, it will come back strong and will once again trade at around $12K-$13K.

All we can do now is just hope the recovery of bitcoin will continue and will give us a good price by the end of the year.

This can be the good time to make some buy order while bitcoin is below $10k. The pattern for some days shows that the price move up and down around $10k. Soon maybe it will back to hit $10k again which for sure can benefit us if we bought now. Current price is $9590.

I agree with your opinion. Bitcoin has found a strong support level at $9,000, and the buying pressure is rising. Also, I saw on Bloomberg recently that the GTI Vera Band Indicator has sent a strong signal that the Bitcoin price may surge above $12,000 soon.
Also, there are lots of signals pointing that the recession for the US may be just around the corner - from the US-China trade war to Brexit uncertainty and other indicators. And while investors are fleeing from equities, some of the financial flows will be allocated to Bitcoin, driving its price further upwards.
I recommend to buy Bitcoin at $9,500, and place a Stop-loss at $9,000 and a Take-profit at $11,000.