This article comes fromnewsbtc, original author: Rick D.
Odaily Translator |
Odaily Translator |
Just before the Senate Banking Committee held the Libra hearing, some industry analysts said that historical data shows that after each congressional hearing, the price of Bitcoin will rise. In fact, this did happen three times in history:
1. It happened for the first time on November 18, 2013. This was also the first time that Bitcoin was discussed in a Congressional hearing. Before that, the price of Bitcoin was relatively stable, but it was discussed at the hearing. The price of Bitcoin was relatively stable before, but It went from $85 to $650 within six weeks of the hearing. Then there was another hearing on the "deep popularization of virtual currency", which resulted in Bitcoin rising to $1,150 on November 30 of that year;
2. The second time occurred on February 6, 2018. In the ten days before that day, the price of Bitcoin plummeted from $12,000 to $6,000. After that, the US Securities and Exchange Commission (SEC) and the US Commodity Futures Trading Commission (CFTC) The chairman testified at the Senate Banking Committee hearing, which also turned out to be surprisingly positive, resulting in Bitcoin recovering above $11,700 by February 20, 2018;
However, almost as quickly as the bullish sentiment in the market, the Bitcoin Air Force has killed us, not only pouring cold water on people who are passionate about cryptocurrencies, but also injecting an atmosphere of uncertainty into the market. As of this writing, according to Coinmarketcap data, the price of Bitcoin has fallen to $9,504.99, a 24-hour drop of 11.68%. What's more "scary" is that some analysts in the encryption community believe that Bitcoin may drop to a price of $6,000 in the short term or even in the medium term.
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Bitcoin 'Very Likely' Returning to $6,000?
Cryptocurrency analyst "Dave the Wave" revealed that Bitcoin is likely to quickly pull back to the $6,000 range in the next few weeks or months, and it is very likely because the industry's optimism has quickly disappeared. This change in market sentiment may be caused by many factors, such as: U.S. President Donald Trump suddenly tweeted that he criticized cryptocurrencies and Bitcoin, U.S. Treasury Secretary Steven Mnuchin also believed that Bitcoin and cryptocurrencies would raise "national security concerns".
While many Bitcoin proponents see the comments as nothing to worry about, and that a figure of this caliber is promoting the digital asset industry, broader market sentiment appears to be turning bearish again. Cryptocurrency analyst “Dave the Wave” added:
When someone asked "Dave the Wave" how likely it was that Bitcoin would return to $6,000, he said "very likely."
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Is this round of decline to clean up "altcoins"?
Not only that, Tone Vays, another cryptocurrency technical analyst, also claimed that the bitcoin market may need a large-scale correction, but he believes that this round of decline may be to completely destroy some "altcoins". Tone Vays said that while "altcoins" are destroyed, the value of Bitcoin will also be greatly depressed, but in the long run, this is actually a good thing, because it can make Bitcoin, the largest cryptocurrency by market capitalization, back on the upward trajectory.
In the latest episode of the "Bitcoin YouTube" program, Tone Vays analyzed that the trading volume of Bitcoin may not be real, and it is basically carried out in the so-called "no trade zone" (no trade zone), which also makes many traders Unable to tell if Bitcoin will break through resistance to the upside or downside, he said:
“I would be bearish on Bitcoin if it fell below the $10,000 range (which has actually happened) … What happens if Bitcoin breaks the $11,000 resistance? Sorry, we still have a downside, Bitcoin still Back to $10,000 and keep going lower.”
