Bitcoin price analysis: BTC/USD trading above $9,200 handle; investment banker predicts 90% crash to crypto market
|- Bitcoin is grinding higher, but the upside is limited.
- GP Bullhound predicts a major crash for the digital assets market.
Bitcoin is oscillating in a narrowing range with slightly bullish bias. The coin has found a strong support at $9,000 as this psychological level is strengthened by 50% Fibo retracement level of the recent decline from $11.500 to $6,480. BTC/USD is trading at $9,220 at the time of writing.
While crypto experts, like Peter Tiel or Winklevoss brothers, continue to publish positive Bitcoin forecasts no matter what, investment bankers stick to pessimistic views. Investment bank GP Bullhound analysts predict a major crash that will shake the whole industry and wipe out 90% of the total market value and drastically reduce the population of tokens.
“While this correction will be critical to cutting through the hype, its lack of impact on financial institutions will create new phenomena that we have never seen in any previous bubble burst. Nonetheless, once this ‘crypto winter’ passes, the growth dynamics for the precious few survivors will be unprecedented,” Sebastian Markowsky, the lead author of GP Bullhound's report, writes.
Bitcoin technical picture
The threshold at $9,000 is a critical short-term support level for BTC/USD. On the intraday level, the local resistance comes at $9,250, It is created by the sloping trendline that comes from April 25 high. Once it is clearly broken, the coin may extend the upside towards $9,500 and $9,700. On the downside, break below $9,000 will trigger extended sell-off with initial aim at $8,700 followed by $8,000.
BTC/USD, the hourly chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.