Bitcoin Facing Downtrend, Watch $4,200
Per prominent analyst Crypto Rand, Bitcoin (BTC) is entering “do or die” time. In a recent post, Rand drew attention to a “yearly downtrend channel resistance,” which began in April 2018, and has depressed BTC each time it has tried to foray higher.
In July of last year, BTC tried its hand at moving past $8,000 but failed, as the asset encountered this multi-month resistance level. In November, the cryptocurrency plummeted under $6,000, failing to maintain a medium-term, mildly-sloped uptrend and break the downtrend simultaneously. This move, as you likely know, brought BTC to $3,150 and the aggregate value of cryptocurrencies eerily close to $100 billion.
But since that move, things have arguably been on the up and up, as BTC has slowly trended higher to reach $4,000. Although many are calling for a rally to the moon, with analysts expecting for Bitcoin to see a pre-halving run, Rand says that BTC has one final boss to face….
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