Is BTC about to turn bearish again?

09 Jun, 2019
by David Robb
Price Analysis
Is BTC about to turn bearish again?

After several weeks of significant gains, the Bitcoin rally seems to be running out of steam in recent days. A few analysts on crypto Twitter are now predicting a more bearish outlook.

One trader, @CryptoChoe, believes that BTC will see some gains within the next 24 hours, but is likely to keep sliding downwards over the coming days and weeks. 

@SatoshiFlipper has charted a potential drop towards $7400 within the next few days. He described the upcoming correction as "healthy", recommending that traders cash out for USDT or another stablecoin for the time being, to offset any potential losses.

Despite the generally negative outlook, few traders have called for an end to the bull market. Although Peter Schiff has claimed that this is nothing more than a false rally in a bear market, the general consensus in the market seems to be that BTC will eventually turn bullish again after a retracement, with perhaps a more sustainable gains going forward up towards $10k. In terms of a timeframe, this could take up to a year, but after that, there will be a significant acceleration.

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