Bitcoin is back in the spotlight after a 50 BTC transaction potentially owned by its creator Satoshi Nakamoto. As speculation mounted about Satoshi dumping his holdings, the flagship cryptocurrency took an 11% nosedive that saw it dip below $9,000.
Even though it seems like Bitcoin may have stabilized over the last few hours, one of the most prominent analysts in the cryptocurrency industry estimates that it is poised for a steeper correction.
Bitcoin Could Be Bound for Further Losses
The trading aficionado, who is well-known for his bold price predictions, maintains that after the most recent rejection from the $10,000 resistance zone, the bellwether cryptocurrency is “back on track” to reach $6,300.
The massive retracement that Bitcoin suffered during March’s Black Thursday resembles the “capitulation of the previous bottom” of January 2015, according to the chartist. For this reason, in combination with several technical indexes that estimate Bitcoin is sitting in overbought territory, he believes that a $3,000 pullback is underway.
But how realistic is this bearish scenario?
In a recent blog post, Santiment affirmed…
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Author: Ali Martinez