28 Mar Can Bitcoin Rally Next Week? Skeptical Analyst Throws Light
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A number of signals continue to tie Bitcoin to the present global economic crisis. Although the flagship cryptocurrency has shown stability over the past few days, some analysts now see more price drops ahead.
Global Stock Market Will Impact Bitcoin
Josh Rager has posted a chart showing that the S&P 500 (SPX) has dropped below its 200 weeks moving average for the first time since the 2008 financial crisis.
This move is significant, as the last time the SPX fell below this line it remained there for more than two years as a bear market took over Wall Street. Rager predicts that should the trend continue Bitcoin prices will clearly suffer as investors will have little fiat to put into the crypto space.
The analyst has also been skeptical of any short-term price increases, noting on twitter that he favors short trades if Bitcoin breaks USD $7,000:
Not that I’m bullish, I just have short entries between $7k to $8k
¯_(ツ)_/¯
— Josh Rager 📈 (@Josh_Rager) March 26, 2020
Rager’s…
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