RATE Group | Bitcoin is Going to Dump Hard, Prominent Analyst Warns
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Bitcoin is Going to Dump Hard, Prominent Analyst Warns

05 Feb Bitcoin is Going to Dump Hard, Prominent Analyst Warns

Posted at 13:08h in Bitcoin News by

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Bitcoin is down by more than 2.5 percent this week and one analyst believes it is due to face additional losses.

Prominent crypto trader Mac warned that the cryptocurrency could dump hard in the remainder of this week, stating that bitcoin futures linked to CME left a huge gap in the $8,500 range. The cryptocurrency’s spot rate typically revisits the unfilled gaps, which prompted Mac to predict a crash towards the $8,500 level.

“Bitcoin is gonna dump hard this week and over $100M in longs will get wiped,” he stated.

The statement followed bitcoin’s explosive price rally in January 2020, wherein it surged 34.25 percent to $9,619.50. Nevertheless, the cryptocurrency went through a small downside correction heading February, mostly driven by profit-taking sentiment.

bitcoin, cryptocurrency

Imminent potential moves on bitcoin’s daily chart | Source: Mac

Mac noted that bitcoin needed to reclaim its local swing high above $9,600 to maintain its medium-term bullish bias. Else, the cryptocurrency would most…

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