BTC/USD slips under $6,400; crypto experts at odds as to where Bitcoin goes from here
|- BTC/USD slips under $6,400 amid increased bearish pressure.
- The Bloomberg Galaxy Crypto Index promises more pain for crypto bulls.
Bitcoin is changing hands at $6,380 at the time of writing. The digital coin No.1 has lost about 1% in recent 24 hours, despite a recovery from Thursday's low registered at $6,354.
While many cryptocurrency experts are saying that an unusually long period of cryptocurrency is coming to an end, the direction of the breakthrough remains a point of dispute.
Earlier we reported that Joey Krug from Pantera Capital expects 10-fold growth for bitcoin in the long-run, Mike Novogratz from Galaxy Digital Ventures says it will recover above $10,000 by the end of 2Q 2019, while Juniper experts believe that the industry is on the brink of implosion.
Read more:
Bitcoin bears set the ball rolling as BTC/USD slumps under $6,500
Bloomberg analysts seem to side with bearish camp, pointing out that the Bloomberg Galaxy Crypto Index is on the way to retest September lows, suggesting more losses for the biggest digital assets.
"The Bloomberg Galaxy Crypto Index has dropped 4.6 percent since its September high. Bitcoin, Ether, and XRP, which make up three-quarters of the nine-member index, have also slipped during that period. Overall, cryptocurrencies have erased more than $600 billion in market value from a January peak," the experts say.
Bitcoin's short-term technical picture
BTC/USD stays above the broken downside trendline that goes all the way down from July 25 high, which means that not all is lost for Bitcoin bulls as of yet. However, on a short-term timeframe, the picture is clouded as the price slipped under a critical $6,400 handle. If it fails to return to the previous range the downside momentum is likely to gain traction into the end of the week with the initial ail at $6,316-$6,300 (confluence of SMA50 4-hour, and the above-said trendline). Once below, the sell-off will extend towards $6,200 and possibly $6.060 (the recent low).
On the upside, a sustainable movement above $6,400 will take us to $6,479 with the next target at $6,600. This resistance limited the recovery since the end of September.
BTC/USD, 4-hour chart
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