RATE Group | Bitcoin Price in Echo Bubble? Nope, BTC Still in Macro Bull Trend
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Bitcoin Price in Echo Bubble? Nope, BTC Still in Macro Bull Trend

26 Sep Bitcoin Price in Echo Bubble? Nope, BTC Still in Macro Bull Trend

Posted at 12:14h in Bitcoin News by

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Bears are back. After a multi-month long consolidation period, Bitcoin (BTC) finally broke down earlier this week, quickly losing all semblance of a bull trend in a spectacular fashion.

For those who missed the memo, within a few hours’ time, the leading cryptocurrency had fallen from five digits — $10,000 — to $8,000, losing the support of a descending triangle pattern. This move marked the most serious bout of volatility BTC had seen in months.

Related Reading: Bitcoin, the Best Performing Asset Ever, is “Still Very Cheap”: Prominent Investor

As traders were taken aback with this move — shocked by the severity and speed of this flash crash — negative sentiment reigned supreme on cryptocurrency forums. Within hours after the move, analysts were calling for $4,000 — a price point which would put Bitcoin decidedly back into a bear market if it was reached.

However, data shows that these harrowing fears of a redux of the now-infamous Crypto Winter of 2018 might be…

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