{"id":402229,"date":"2019-10-24T21:00:28","date_gmt":"2019-10-24T21:00:28","guid":{"rendered":"https:\/\/ktsl888.com\/?p=402229"},"modified":"2024-06-11T09:44:56","modified_gmt":"2024-06-11T09:44:56","slug":"prominent-bitcoin-permabull-claims-btc-may-soon-dip-below-7000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/prominent-bitcoin-permabull-claims-btc-may-soon-dip-below-7000\/","title":{"rendered":"Prominent Bitcoin \u201cPermabull\u201d Claims BTC May Soon Dip Below $7,000"},"content":{"rendered":"
Bitcoin (BTC) and the aggregated crypto market has incurred a notable influx of selling pressure over the past 24-hours that has caused significant technical damage to many of the cryptocurrencies, with multiple prominent analysts claiming that this latest drop has opened the gates for further losses.<\/p>\n
Although it is not unusual for analysts to flip bearish after a downwards movement, one prominent Bitcoin \u201cpermabull\u201d who rarely offers even a hint of bearishness is now noting that the markets could soon see BTC trading at sub-$7,000, which he claims would be an ideal entry point.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down just under 3% at its current price<\/a> of $7,490 and has continued to find some support after reaching lows of $7,400.<\/p>\n It is important to note that Bitcoin\u2019s price has dipped towards $7,300 on multiple occasions on popular margin trading exchanges like BitMEX, but each visit to this region has been met with some buying pressure that has bolstered its short-term price action.<\/p>\n It is highly likely that the lower-$7,000 area will continue to be a support region in the near-term, although it remains unclear as to just how weak BTC\u2019s price currently is.<\/p>\n Thomas Lee, the head of Fundstrat Global Advisors, recently spoke to the Financial Review<\/a>, explaining that he still ardently believes that the \u201ccrypto winter\u201d ended in late-2018, and that the markets are still in a bull run.<\/p>\n “For the most part, our current framework is that \u2018crypto winter\u2019 ended in late-2018 and bitcoin is in a new bull market\u2026 But like prior bull markets, the rise in price is not continuous and we are in the midst of a consolidation, with potential downside risk near-term,\u201d he explained.<\/p><\/blockquote>\n Although Bitcoin does appear to have some support within the lower-$7,000 region and may still be in a macro bull market \u2013 per Lee\u2019s statement \u2013 it does appear that BTC<\/a> has been caught in the throes of a firm downtrend ever since it set its yearly highs at $13,800.<\/p>\n With that being said, Lee also noted that he believes that the markets could soon bear witness to sub-$7,000 BTC, with this being an ideal entry point as he expects the market conditions to improve in the next 10 weeks.<\/p>\n \u201cBottom line: We remain risk-off for bitcoin and crypto but see a higher probability of conditions improving within the next 10 weeks. Thus, bitcoin below $US7000 would be an attractive risk\/reward,\u201d he explained.<\/p><\/blockquote>\nWill BTC See Sub-$7,000 Prices in Near-Term?<\/strong><\/h2>\n