RATE Group | More Downside in Bitcoin Before Conservative Buying Opportunity, Say Analysts
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More Downside in Bitcoin Before Conservative Buying Opportunity, Say Analysts

04 Oct More Downside in Bitcoin Before Conservative Buying Opportunity, Say Analysts

Posted at 22:54h in Bitcoin News by

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Bitcoin appears to be looking at a little more downside before it becomes a reasonable buy again, according to a pair of crypto industry commentators. Having recently rebounded from what most traders are considering the ultimate bottom of the 2018 bear market, we could be looking at a further drop then sideways trading for a while.

Such price action has been seen in the Bitcoin market numerous times before. If similar happens again, the sideways action will eventually result in a breakout to the upside.

A Bigger Drop for Bitcoin?

Referencing the work of Civic (CVC) founder and CEO, Vinny Lingham, Nunya Bizniz (@Pladizow) has identified a price of around two times the widely agreed upon December low as a conservative buying opportunity. Based on previous market cycles, a period of consolidation, that might last months, will follow a further drop from current levels:

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