Analyst claims that Bitcoin is in for ‘terrible times’

Bitcoin has struggled to maintain a high price point during the second half of 2019, and despite the sudden surges, they are still too thinly spread out. While proponents of the world’s largest cryptocurrency abound, there are still many in the space who think that Bitcoin is still down in the trenches. NekoZ, the co-founder of Titan Ventures had recently tweeted:

“Not going to lie my friends.

$BTC looks terrible.

Inevitable drop IMO is about to happen, bullish volume just isn’t there to support this recent rally up. Still aiming for that 7.5k to even 6k market before a rise back up.

Might take several months, stay safe.”

While NekoZ’s comments may have come at a time when Bitcoin actually grew in value, one can understand the sentiment as the cryptocurrency had started falling again in the last 72 hours. There were other ardent supporters of BTC though, as shown by Samitheking who said:

“It looks terrible? A week ago it went up for like 27% in a day! After I’m celculate the retrace. So what are you expecting to go up to 100k in a month? Btc was look terrible back then at 3.2k, today #btc looks very promising IMO.”

As we write, Bitcoin trades for $9072 with a market cap of $163.51 billion. The crypto market giant also held a 24-hour market volume of $25.43 billion after a 7-day growth of 21.09 percent. Looking at the technical charts, it is evident that the cryptocurrency was going through a bullish phase. The Parabolic SAR was below the price candles, which meant that the price would go up again.

The Chaikin Money Flow was below the zero line, which meant that the capital coming into the Bitcoin market was lower than the capital leaving the market. The Bitcoin market was also given a boost with Canadian fund manager 3iQ’s success regarding The Bitcoin Fund. The company’s green light was helped along by partnerships with Van Eck and Gemini.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.