CryptoDonAlt: "Bitcoin rate may drop by 40%"
The analyst notes that the Bitcoin price chart broke down the upward triangle pattern formed on small timeframes. This may be a sign that Bitcoin is preparing for further decline. The next support level is at $8,575.
CryptoDonAlt stressed that even during the growth of the bitcoin rate in 2015-2017, the rate of the first cryptovoltava at times significantly subsided before conquering new heights.
However, from a fundamental point of view, everything is going well for Bitcoin: investors start to see an analogue of gold in the first crypt currency and invest in Bitcoin to protect themselves against inflation.
The very behavior of Bitcoin is very similar to the period after the half award to the Miners in 2016, which led to a record bullish market in 2017. In addition, the volatility of the bitcoin is noticeably reduced, which also "plays into the hands" of the first cryptographic currency.
Analysts of Glassnode also believe that in the near future a multi-month "bullish" rally of bitcoin may begin.