Connect with us

Bitcoin

Bitcoin [BTC] price moving below $3000 could spell “catastrophic scenario”, might remain there for years to come

Anirudh VK

Published

on

Bitcoin [BTC] price moving below $3000 could spell “catastrophic scenario”, might remain there for years to come
Source: Unsplash

Nick Core, the President and Founder at Ecosystems LLC, recently appeared in an interview to speak about a possible recovery and capitulation levels for Bitcoin. His calls were based on the market cycle observed in the bear market between 2014 to 2015, which is said to have similar patterns to the current cycle.

Speaking to Ran NeuNer on CNBC’s Crypto Trader segment, Core stated that it was interesting to him, as we were observing a key retracement level. This is evidenced by going back to the previous bear market, which closed at just above the 0.7 Fibonacci level. Moreover, Core pointed out that the market is not far off from the level, having come off it only last night. He elaborated:



“We are looking to hold it. If we don’t hold it, were looking at real capitulation levels down at $3000. I am looking for a bottom here and there’s a number of reasons why.”

Core stated that the Fibonacci level was a great place to watch, as the last market closed at it. Moreover, he pointed at indicators such as the OPV, which is demonstrating a divergent trend, and the RSI, which has bottomed out on the weekly chart. On the general movement of market trends, he stated:

“It’s definitely a major shakeout. I still don’t think we’ve hit capitulation levels. $3000 is my capitulation level anything under this current price level, I think we’re going to stay there for a very long time. If we do end up hitting capitulation levels I’m looking at, I think we remain that for several months. Anything below that, any catastrophic scenario, we remain down there for years.”

He went on to say that commodities are dragged out when they hit such low levels, sometime even for decades. Core said that he expected the same for Bitcoin. However, he believed that this is not a reasonable conclusion, with the current level holding well. He elaborated:

“This four thousand range [is] being heavily defended the first time we passed through its we saw massive amounts of institutional volume especially around the $4700-$4800 area. I am looking for this area to be heavily defended.”





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more

Priya

Published

on

By

John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on Coinbase.com, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!



4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending