Bitcoin price analysis: BTC/USD forms another bearish flag pattern, but Wall Street VC Spencer Bogart tells investors to sell altcoins and buy Bitcoin
|- “Tokens are overvalued” besides, “could go up significantly, but they also have significant headwind,” says VC Spencer Bogart.
- Bitcoin price is down 1.77% on the day, seeking intraday support above $7,200.
Bitcoin is forming yet another bearish flag pattern in just three days which explains the prevailing selling pressure in the market. The price tested the key resistance level at $7,400 but it tumbled heavily smashing past key support areas during the Asian trading hours on Monday. Bithumb exchange in South Korea has announced that it is going to halt trading of altcoins in at least 11 countries. It is citing the risks of money laundering and other criminal activities.
While on an interview with CNBC, Wall Street venture capitalist (VC), Spencer Bogart was very bullish on Bitcoin. He said that Bitcoin is a much better store of value compared to other crypto assets. Although Bogart is aware of the declines Bitcoin has sustained in the past few weeks, he believes that it has a positive forecast. He also highlighted the fact that major institutions in the banking sector are looking into cryptocurrencies to be a positive sign. He, however, added that “tokens are overvalued” besides, “could go up significantly, but they also have significant headwind.” He suggested that investors should sell the tokens and buy Bitcoin instead.
Bitcoin price, on the other hand, is down 1.77% on the day, similarly, it is battling to find a support above $7,200. The gap between the moving averages is increasing to mean that selling pressure will continue to dominate. The bulls are fighting to attack the resistance level at $7,250, besides, the RSI is pointing upwards to show that the buyers are seeking an entry position. The MACD is recovering from the negative territory as well.
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