Dutch analyst and trader Michael van de Poppe along with the entrepreneur and hedge fund manager who goes by name Koroush AK, have published evaluations of Bitcoins (BTC) price performance that may calm down the confused bulls.
Not bearish
Mr. van de Poppe believes that Bitcoin (BTC) bears are still failing to gain control over the price of the flagship cryptocurrency. Even after yesterday's substantial drop, he remains confident the king coin will have a strong short-term performance
Moreover, he gave a detailed analysis of the price levels that may start a new upmove for the Bitcoin (BTC) price. According to him, this move will start once Bitcoin (BTC) breaks above $9,250.
Crucial? Right now; flipping $9,150-9,250 back for support, that would initiate continuation towards $9,600-9,800.
If it manages to do so, Bitcoin (BTC) may reach the attractive $9,800 levels. Mr. Koroush AK unveiled a slightly more pessimistic analysis. He foresees that a further drop is possible if Bitcoin (BTC) fails to hold $9,230. He even offered a 'short' opportunity with 'low probability'.
However, these ugly swings wouldn't affect the main trend of Bitcoin (BTC) price dynamics. Ongoing red candles should be treated only as 'pre-moon noise'.
What is affecting the price of Bitcoin (BTC)?
As covered by U.Today Crypto News, the recent Bitcoin (BTC) price drop was followed by two waves of 'long' position liquidation on the BitMEX derivatives trading platform.
Analysts unveiled that $25M in longs was liquidated in a couple of hours. The overall volume of liquidations yesterday reached almost $50M across different exchanges.
However, some prominent researchers believe that the roots of this drop are not in BitMEX liquidations. Trader and analyst PlanB, the author of the 'Stock-to-flow' Bitcoin (BTC) price model, highlights that it is the U.S. stock market collapse that should be blamed for the ongoing crypto plunge.
Bitcoin is down, and so is S&P500 .. "U.S. Stocks Tumble With Virus Threatening Economy". Just like June 11 and just like the month March. This has nothing to do with "Whales", "futures manipulation", "Plustoken scammers" etc etc.
At press time, Bitcoin (BTC) has recovered slightly from its latest fall and is changing hands at $9,272 on major spot platforms.