RATE Group | Bitcoin Will Find Support Above Long-Term Moving Averages, Predicts Analyst – BeInCrypto
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Bitcoin Will Find Support Above Long-Term Moving Averages, Predicts Analyst – BeInCrypto

27 Nov Bitcoin Will Find Support Above Long-Term Moving Averages, Predicts Analyst – BeInCrypto

Posted at 08:50h in Bitcoin News by

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The Bitcoin price has decreased considerably over the previous week. However, it bounced strongly on November 25, leading some people to believe that it has already reached a bottom.

The current trading pattern which is supported by several long-term moving averages suggests that Bitcoin is very close to reaching a bottom if it has not already done so. Therefore, last week’s decrease could have been the final capitulation before a bull market begins.

There have been many theories about this rapid and unexpected decrease. One commentator suggested that it was initiated by whales that are selling in order to claim losses on their 2019 tax return.  However, this seems unsubstantiated since Bitcoin is still in profit if you bought in the first half of 2019, so this could be an attempt at falsely rationalizing the price decrease.

Bitcoin investor and analyst @davthewave stated that in the most bearish scenario Bitcoin will drop all the way to the…

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