Bloomberg: "The entire industry is ripe to resume a path to lower prices"

13 Mar, 2019
by Ryan Boltman
News
Bloomberg: The entire industry is ripe to resume a path to lower prices

While the top 100 cryptocurrencies are mostly seeing green and pumping all over the place. Bloomberg believe the general public should not get ahead of themselves as they expect more downward movement from Bitcoin.

In a recent report, Bloomberg commented on the recent BTC trend, stating that "technical gauges signaling long-term buying demand for Bitcoin are deteriorating, potentially showing that selling pressures could intensify". 

The price of bitcoin has remained steady under $4,000 over the past weeks, with several failed breakouts. However Bloomberg admits that while bitcoin has seen average daily price moves turn positive for the first time since July 2018, the resistance level of $4,000 is hampering the digital asset, and failure to break through that resistance will cause continued selling pressure on bitcoin. 

Read more: Winklevoss twins say Bitcoin will recover as the space is regulated

Bloomberg Intelligence analyst Mike McGlone commented on the bitcoin price action, saying “The entire industry is ripe to resume a path to lower prices, Conditions are akin to November, just prior to the collapse. Prices are consolidating within narrowing ranges, with a few sharp bear-market rallies that appear fleeting.”

eToro senior market analyst Mati Greenspan admits that altcoins are seeing huge upward movements and admitting that alt-season has arrived, "As we approach the culmination of the crypto winter, we’re actually seeing some of the altcoins delivering spectacular gains in the last few weeks. We are now in what industry insiders like to call alt-season."

 Read more: Crypto.com Chain (CRO) pumps by over 130% in 24 hours

While the markets currently look fantastic, with the top 100 cryptos seeing large gains over the past few weeks, Bloomberg believes more downward momentum is expected. Could we see Bitcoin retest new lows this year? 

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Read more about: Bloomberg

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