The world’s most popular cryptocurrency has been heading steadily down for months. Even though traders might hope for yet another sharp push upwards, it appears that Bitcoin will likely be falling down further.
The cryptocurrency is trading very close to the MA 50 and if the trend line manages to cross that level, then we estimate that Bitcoin will mark new losses. Based on the past behaviour in this pair, last time when it made a significant drop in 2013, it fell by almost 80% from its then-highest point. If something similar is true for Bitcoin at present, we can expect it to travel all the day to below $3,000.
Another idea for traders who aren’t prepared to sell their depreciating Bitcoin is to commit to extremely long positions and wait for many months for the cryptocurrency to overcome its current challenges and begin to rise again.
