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Bitcoin Price Drop Is on the Cards, According to Market Analyst Jim Wyckoff – U.Today


Bitcoin Price Drop Is on the Cards, According to Market Analyst Jim Wyckoff
Cover image via jimwyckoff.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Kitco’s market analyst Jim Wyckoff states that Bitcoin bears have gained “a short-term technical advantage,” which means that traders could be looking at yet another BTC price drop this week.

“Prices are trending lower from the October high and the bears have gained the near-term technical advantage, to suggest sideways-to-lower price action in the near term.”

Bitcoin Price May Surge to $14,000 Before Halving: Crypto Trader

At the time of writing, the price of Bitcoin is holding on for dear life slightly above the $8,600 level after a decisive blast above $9,000 turned that took place on Nov. 11 turned out to be just a fakeout.

Meanwhile, “Cantering Clark” says that he doesn’t want to be a seller at this point given that BTC is currently in its fifth week of the negative weekly delta (the change in the price of a certain asset and its derivative). Hence, unlike Wyckoff, he doesn’t expect to see more blood on crypto streets in the short-term. 

Speaking of crypto traders, the sentiment is predominantly bearish. “Haska” seems to target the low-$8,000 level. If his forecast comes to fruition, recent Bitcoin price gains will get evaporated. 

Bitcoin Expert Shares His Bullish Take on Sudden Mining Difficulty Drop

Crypto advocate says he will be bearish if BTC drops below the $8,300 level. The crypto king hasn’t seen such a low price tag since 2019.       

“Cantering Clark” says that he will long BTC “aggressively” if it does end up in the $8,300 area.         





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