According to analyst Cole Garner, a new drop in Bitcoin is likely in the short term, and this may be the last chance to get the biggest cryptocurrencies under $ 10,000 in the long term.
Bitcoin has been trading at $ 9000 for weeks. According to analyst Cole Garner, the next big move of Bitcoin will be down, and this may be the last opportunity to get the biggest cryptocurrency under $ 10,000 in the long run.
Stating that he is still technically in the bull market region, Garner argues that a break below the volume-weighted average price indicated by the green line on the chart will be an attractive purchase opportunity. “This may be the last chance to make a purchase under $ 10,000.” says.
Garner provides several important reasons for the fall forecast in the short term. One of these is the fact that bitcoin transfers from miners to exchanges have been carried out recently. The analyst also emphasizes that institutions trading in CME are largely short in Bitcoin. Garner also draws attention to the melting of the Bitfinex intake wall.
Expecting Bitcoin to retreat to the $ 7800 – $ 8200 region, the analyst said in the big picture that this is not bad news, that a crazy bull market is at hand and says, “Grayscale is getting more Bitcoin than miners have released. Fidelity reports show corporate interest in cryptocurrencies. ” commented.
Finally, Garner notes that the buy signal is very close on the Hash Ribbons indicator in Bitcoin, this signal is not frequent and will be the last for a long time.