Bitcoin and the aggregated crypto markets have been spiraling downwards after bull\u2019s attempt to bolster the markets yesterday faltered, leading to a continuation of the downwards pressure that BTC and other major cryptos have incurred over the past several weeks.<\/p>\n
Now, analysts are noting that there is a high probability that Bitcoin\u2019s recent pullback extends significantly lower, but that in the long-term BTC\u2019s price may be bolstered by growing global economic weakness.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nearly 4% at its current price of $9,450, down significantly from its 24-hour highs of $10,200 that were set yesterday.<\/p>\n Yesterday\u2019s price surge and subsequent drop formed what is commonly referred to as a \u201cbart\u201d pattern, where BTC<\/a> forms a rapid leg up, trades sideways for an extended period of time, and then drops.<\/p>\n This move provided a significant amount of support for the bear case, as it signaled that buyers do not currently have enough power to provide Bitcoin with any type of sustainable price movement.<\/p>\n CryptoCohen, a popular cryptocurrency analyst on Twitter, noted in a recent tweet that the current pullback could extend significantly further, but that in the long-run Bitcoin is likely to be bolstered by growing economic instability.<\/p>\n \u201cCould be a larger correction in play – could take a lot longer too – longer than many would expect\/hope. But good things come to those who wait. When you look at low interest rates, and toppish equities, a long-term $BTC #bitcoin allocation for me is a no brainer,\u201d he said.<\/p><\/blockquote>\n Could be a larger correction in play – could take a lot longer too – longer than many would expect\/hope. But good things come to those who wait. When you look at low interest rates, and toppish equities, a long-term $BTC<\/a> #bitcoin<\/a> allocation for me is a no brainer pic.twitter.com\/E9IKNcbFcU<\/a><\/p>\n — Cohen (@Cryptocohen_) July 27, 2019<\/a><\/p><\/blockquote>\n\n