RATE Group | Gold Bull Claims Bitcoin is Positioned for a Dip Towards $2,000
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Gold Bull Claims Bitcoin is Positioned for a Dip Towards $2,000

19 Oct Gold Bull Claims Bitcoin is Positioned for a Dip Towards $2,000

Posted at 21:19h in Bitcoin News by

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Bitcoin (BTC) has been trading within a tight trading range around $8,000 for the past week and has failed to incur any significant momentum in either direction that illuminates its near-term trend.

One prominent Gold bull and an outspoken Bitcoin critical is now noting that multiple technical formations point to the possibility that the cryptocurrency is currently positioned for a movement towards $2,000, but crypto-focused analysts are disputing his analysis, claiming that it ignores important factors driving BTC’s price action.

Bitcoin Continues to Consolidate, But Major Downwards Movement May be Imminent

At the time of writing, Bitcoin is trading up slightly at its current price of $8,040, which marks a slight recovery from its recent lows of $7,900 that were set overnight during a fleeting downwards movement that was quickly bought up by BTC’s bulls.

Peter Schiff, a prominent Gold bull and a frequent critic of Bitcoin and other cryptocurrencies, explained in a recent tweet…

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