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Is The Game Over For Bitcoin? Why Crypto Influencers Think 'It Could Get Worse'

Benzinga2021-06-09

The market-leading cryptocurrency dropped another 11% overnight, leading market participants to fear the worst.

What Happened: Despite an influx of good news surroundingBitcoin, the digital asset failed to record any upward movement in price and instead fell to a low of $31,850 earlier today.

The negative sentiment led to some of Bitcoin’s strongest advocates suggesting that it might be “game over” for now, as the digital asset failed to price in any bullish news over the past week.

In a video onYouTube, popular crypto influencer Lark Davis said, “Bitcoin is looking bad and it could get worse.”

Lark points out that based on the current price action, Bitcoin is likely to confirm a “death cross” within the next ten days.

A death cross is a lagging technical indicator that appears when price action has already been less than optimal, he points out, but if confirmed, it would possibly lead to an even further decline in price.

According to crypto trader and analyst Rekt Capital, when the death cross scenario played out in previous years, Bitcoin corrected by over 50% pre-death cross and a further 55% post-death cross.

If the same scenario were to play out today, Rekt Capital forecasted the price could drop to as low as $18,000.

“Bitcoin price has dropped below 200-SMA for 17 consecutive days and counting. This metric has *always* marked the end of a bull run and the start of a bear market,” said Timothy Peterson, Investment Manager at Cane Island Alternative Advisors onTwitter.

At the time of writing, Bitcoin was trading at $31,871 with a daily trading volume of $44 billion. The rest of the crypto market also saw sharp declines in price as large-cap coins like Ethereum, Dogecoin and Cardano also fell by over 15% in the past 24-hours.

免责声明:本文观点仅代表作者个人观点,不构成本平台的投资建议,本平台不对文章信息准确性、完整性和及时性做出任何保证,亦不对因使用或信赖文章信息引发的任何损失承担责任。

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评论16

  • HMHu
    ·2021-06-09
    Btc is the future.
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  • AMN3236
    ·2021-06-09
    pls like & comment
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    收起
    • Hunter88
      Good
      2021-06-09
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  • AMN3236
    ·2021-06-09
    good
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  • Clc2
    ·2021-06-09
    Really?
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  • tomatomashy
    ·2021-06-09
    Like n comment pls
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    收起
  • Derrickmin
    ·2021-06-09
    Guess so. 
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  • ragdoll99
    ·2021-06-09
    Wow
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  • Hyperlooney
    ·2021-06-09
    Like and comment pls
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  • Blurryw
    ·2021-06-09
    Please like and comment 
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    • Blurryw
      Yes
      2021-06-09
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    • Hyperlooney
      Like and comment back pls
      2021-06-09
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    • 乐乐兄弟
      Pls like and comment too
      2021-06-09
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  • Dinami
    ·2021-06-09
    Die crypto die.
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  • Pink004
    ·2021-06-09
    It Is game over
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    • Dinami
      yes
      2021-06-09
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    • AceBajaj
      maybe!
      2021-06-09
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  • cyanzhen
    ·2021-06-09
    like and comment
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    • tomatomashy
      Reply my comment Pla
      2021-06-09
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  • CrisJY
    ·2021-06-09
    Like and comment 
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    • Eellen
      Like and comment pls
      2021-06-09
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    • cyanzhen
      please reply
      2021-06-09
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  • Insatiable
    ·2021-06-09
    Comment on my post
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    • CrisJY
      Done
      2021-06-09
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    • cyanzhen
      please reply
      2021-06-09
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    • Insatiable
      Ueu
      2021-06-09
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  • AngieAbcde
    ·2021-06-09
    It’s gg to dip when the economy recovers 
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  • Jyen
    ·2021-06-09
    I guess it’s over!
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