Bitcoin and altcoins make 'nasty move': 'New lows incoming'

11 Apr, 2019 | Updated: 11 Apr, 2019
by Jelmer van der Dussen
Bitcoin and altcoins make 'nasty move': 'New lows incoming'

The cryptocurrency market is showing red today, with Bitcoin on its way down to $5000 and most altcoins losing 5-12% of their value. The positive sentiment of the last week has been replaced by a somewhat more pessimistic outlook on the market by traders.

Tyler Jenks, president of Lucid Investment that predicts Bitcoin could go to $10 million at some point, came out with a tweet today stating that Bitcoin is heading back to the $4000-$4200 zone. This would mean a drop of over $1000 from the current price point, and a return to the pre-pump levels. Jenks wrote that 'I have not commented on Bitcoin since we broke up through the $4000-$4200 resistance zone. I believe we are headed back down to that zone and it will not hold. New lows incoming.' Jenks adds that his target of Bitcoin at $1000 is 'unchanged'.

Nicola Duke, a popular trader on Twitter and YouTube, says that Bitcoin made a bit of a 'nasty move' overnight. 'A false break-out, usually a sign of an irregular correction.' She is a bit more optimistic than Jenks, pointing out that $4800 is the zone to buy back in right now. The immediate support for this current swing is sitting at around $5000. Depending on the next move of Bitcoin, we could see a drop back to $3500 or a run to $5800, or even $7000, Duke explains in the video.

In this current dip the altcoins are experiencing a bigger hit than Bitcoin, with Ethereum and Bitcoin Cash 8% and Litecoin even 10%.

The worst altcoin performers in the top 100 are IOST, NULS, Loopring, Revain and Aion.

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Read more about: Bitcoin (BTC)


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