RATE Group | Bitcoin price: Tech analyst says it could be ‘GAME OVER’ for bitcoin | City & Business |…
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Bitcoin price: Tech analyst says it could be ‘GAME OVER’ for bitcoin | City & Business |…

09 Aug Bitcoin price: Tech analyst says it could be ‘GAME OVER’ for bitcoin | City & Business |…

Posted at 19:43h in Bitcoin News by

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The prominent Renaissance Macro Research analyst warned the cryptocurrency could become “permanently impaired”.

Jeff deGraaf, the company’s head of technical research, said he would advise on betting against bitcoin if it fell below its support level for the year to date.

In a note to clients Thursday, which was seen by CNBC, Mr deGraaf said: “Parabolic moves are notoriously dangerous for short‐sellers.

“Usually a top develops that often appears as a descending triangle over months, with reduced volatility and little [fanfare].”

He added: “Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even ‘game‐over’.

“We are of course referencing Bitcoin as exhibit ‘A’ in today’s market.”

Continued uncertainty over the Securities and Exchange Commission’s (SEC) decision whether to approve a proposed bitcoin exchange-traded fund (ETF) has caused bitcoin price to crash in recent days

Bitcoin lost a huge…

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