- Bitcoin price continued to lose ground toward $5,000.
- CNBC host, Ran Neuner asks investors to put their money in XRP and not BTC and BCH.
Investors in the market are literally anxious as Bitcoin price continued with the bloodbath. It is clear that the crypto has not found a bottom and could continue to explore levels towards $5,000. The drop last week saw Bitcoin break down massively below the base level at $6,000. The waterfall drop was unstoppable until BTC/USD tested $5,200.
The effect of Bitcoin drop is far reaching. The fact that it controls more than half the value of the entire market means that a drop in Bitcoin value causes a Ripple effect especially for the top coins. The correlation effect is still a big fact in the market’s price action. However, I do not mean that Bitcoin is responsible for the recent declines which have been linked to the concluded Bitcoin Cash hard fork. However, lack of momentum to recover is something that experts and analysts are struggling to demystify.
At press time, Bitcoin is trading at $5,380 following a negative correction on the coin’s failure to break past the resistance at $5,600. There is an ongoing bearish trend with the price targeting $5,300. Besides, if buyers cannot find bearing and draw a line in the sand, BTC/USD could retest $5,200 in the short-term.
Elsewhere in the crypto space, one of the hosts at CNBC, Ran Neuner has recently advised his followers on Twitter to stay away from both Bitcoin (BTC) and Bitcoin Cash (BCH). He also went ahead to recommend XRP. These caused a huge uproar from the fans on Twitter for obvious reasons. However, it was not clear if the founder of OnChain was serious or he was “joking.”. The tweet reads:
“These hash wars show why everyone should get rid of BTC and BCH and just put all their money into XRP,”
BTC/USD 4-hour chart
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