2018-12-28 11:22 |
Mark Dow, a Bitcoin trader, has recently affirmed that Bitcoin could be in trouble if its prices do not go up soon again. According to him, it is critical that the token is able to escape the $5,000 to $6,000 USD range in the short-term or it may face some dire consequences if it does not.
Mark Dow got famous after shorting Bitcoin when it was peaking. He worked in the International Monetary Fund and as a senior risk trader at Pharo, too, and used some rules of how crypto and futures market work to predict the price of Bitcoin in the future.
He recently made the headlines again for exiting his short position and he affirmed that Bitcoin needs to break out of its current resistance levels in order to avoid even more decline in its value.
Still a beautiful chart. If bitcoin can't bounce to at least 5k-6k soon, it's a really bad sign for the cyberbulls. And if it breaks down thru the yellow line at any point, even the HODLers need to GTFO. $BTC $XBT pic.twitter.com/FqqyzE1mhb
— Dow (@mark_dow) December 27, 2018
The Future Of BitcoinBitcoin has recently been upward lately and its prices surged up to $3,400 USD just before Christmas but the market is still far away from its bull run like the one that happened in 2018. At the moment, the whole market is worth $126 billion USD, way more than in December 2016 but also way less than in December 2017.
To reach even the levels that the market was when November started, it will have to grow a lot. The volume of trading is also getting lower. It was peaking when 2018 started but now it is hovering around $15 billion USD, 25% less than it was just last week.
Despite the fact that the markets peaked on Christmas Eve, the volume is expected to go down until the end of the year until it normalized again only in 2019.
The current day is far from great for Bitcoin. The prices declined a lot after Christmas and the token is at the $3,800 USD mark now. Ethereum and Bitcoin Cash were also losing value today.
Mark Dow affirmed that he is bullish that the prices will increase up until $5,400 or $5,700 USD at least soon. However, they may also decline to slightly above the $2,000 USD, which would not be great. According to Dow, if the prices decline under $2,000 USD, then Bitcoin is in real trouble and it may lose most of its value.
Unfortunately, no one is 100% sure on where the bottom is, exactly, so the situation is still very tricky at the moment and nor Dow nor anyone is completely sure about how 2019 will be. However, a breakout to over $5,000 USD would be great for the crypto world.
At the moment, the whole financial market, be it made of stocks, equities or cryptos, is facing a lot of instability and difficulty to keep prices up.
While several experts are sure that cryptos will bounce back up, this may be only temporary and nobody is actually sure about how big the drop will be when Bitcoin hits rock bottom.
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