Many analysts have squawked about Bitcoin’s price reaching new highs by this summer. Instead, the opposite is happening, and several analysts have weighed in to say they don’t see the crypto recovering anytime soon.
Bitcoin to the sky, not?
At the time of writing Monday afternoon, Bitcoin was trading around $6,700.
One of the analysts monitoring Bitcoin’s price moves is Frank Cappelleri of Nomura Instinet. He reportedly said that Bitcoin needs to rise roughly 28% from its current levels for any type of rally to hold.
CNBC reported that he points to a technical level known as the "Upper Bollinger Band. It was noted that this level fluctuates, but was holding around $8,577 Monday morning.
Another analyst told CNBC that it’s important for Bitcoin to hold support around $6,747 this week.
If it falls below that, Bitcoin easily drop to as low as $2,000.
And then there’s this from Robert Sluymer of Fundstrat Global Advisors:
"The downtrend that began in early May is still intact and will need to be reversed to signal an improvement for BTC.”
Sluymer sees $7,777 as the key level Bitcoin will have to top to signal an uptrend is underway.
The fall blamed on a tiny exchange
As you likely have heard, Bitcoin’s price slid over the weekend. During Friday’s late hours, Bitcoin was trading around $7,600. Now it’s around $6,700.
Many observers point to the hack of a relatively small crypto exchange called Coinrail. Only about $40 million of alt coins were stolen.
Cooler heads voiced their opinions that the hack of this small exchange, and the small about of coins that were made off with didn’t spur the crypto’s slide. In fact, some observers point to market manipulation as being behind the slide.
This article appeared first on Cryptovest
