{"id":408258,"date":"2019-12-21T22:00:07","date_gmt":"2019-12-21T22:00:07","guid":{"rendered":"https:\/\/uniquehot.com\/?p=408258"},"modified":"2024-06-11T13:35:37","modified_gmt":"2024-06-11T13:35:37","slug":"why-a-top-analyst-thinks-bitcoin-remains-bearish-despite-1000-jump","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-a-top-analyst-thinks-bitcoin-remains-bearish-despite-1000-jump\/","title":{"rendered":"Why a Top Analyst Thinks Bitcoin Remains Bearish Despite $1,000 Jump"},"content":{"rendered":"<p>Since trading as low as $6,400 this week, Bitcoin (BTC) has seen a strong price recovery, surging as high as $7,300 late last week as bulls managed to defend key levels. In other words, the leading cryptocurrency jumped by nearly $1,000 from the multi-month bottom, making some believe that bulls are back.<\/p>\n<p>A top analyst, however, has asserted that Bitcoin remains in a clear downtrend, meaning that this latest jump is just a relief rally, not a full-fledged reversal.<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/uniquehot.com\/2019\/12\/21\/banking-unbanked-bitcoin-podcaster-finds-restaurant-shunned-banks-btc\/\"> Lightning Works: Bitcoin Podcaster Finds Restaurant Shunning Banks for BTC<\/a><\/h6>\n<h2><strong>Bitcoin Still Caught in Downtrend<\/strong><\/h2>\n<p><a href=\"https:\/\/twitter.com\/Josh_Rager\" rel=\"nofollow\">Josh Rager<\/a>, a popular cryptocurrency trader, recently noted that it is far too soon to be bullish after the $1,000 move earlier this week. Rager looked to the fact that BTC is still stuck below a trend line formed after October&#8217;s infamous China pump, adding that unless it breaks this level and the $8,000 resistance, a reversal rally will end abruptly.<\/p>\n<p>https:\/\/twitter.com\/Josh_Rager\/status\/40950273<\/p>\n<p>Rager&#8217;s sentiment that Bitcoin remains in a downtrend has been corroborated by other top traders.<\/p>\n<p>Disk jockey-turned-crypto trader Scott \u201cThe Wolf of All Streets\u201d Melker <a href=\"https:\/\/uniquehot.com\/2019\/12\/20\/beware-hidden-bear-divergence-could-spell-trouble-for-bitcoin\/\">recently reminded his followers to \u201ctread lightly,\u201d<\/a> asserting that investors shouldn\u2019t get too caught up in the fact that Bitcoin bounced 10% from the local low.<\/p>\n<p>Melker noted that two\u00a0<span class=\"glossaryTerm\" data-title=\"Bearish\" data-content=\"A descriptive term borrowed from stock markets to describe a negative market outlook.\" data-url=\"\/glossary\/bearish\">bearish<\/span>\u00a0divergences have formed between the BTC\u2019s price and the Relative Strength Index (<span class=\"glossaryTerm\" data-title=\"RSI\" data-content=\"Relative Strength Index. A common trading metric that provides a visual indicator of general market trends.\" data-url=\"\/glossary\/rsi\">RSI<\/span>), which largely show that the latest price recovery was \u201cmore like relief than reversal,\u201d implying that a continuation to the downside has a decent opportunity of playing out.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/uniquehot.com\/2019\/12\/21\/crypto-tidbits-bitcoin-returns-7200-ripple-tron-ceo-thunberg\/\">Crypto Tidbits: Bitcoin Returns to $7,200, Ripple Bags $200M Cheque, Tron CEO Donates to Greta Thunberg<\/a><\/h6>\n<h2><strong>Bull Case Building<\/strong><\/h2>\n<p>While Rager believes that Bitcoin remains in a downtrend, there are signs that a bull case is building.<\/p>\n<p>Mike McGlone, the senior commodities strategist for\u00a0<a href=\"https:\/\/www.bloomberg.com\/professional\/product\/bloomberg-intelligence\/\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">Bloomberg Intelligence<\/a>,\u00a0<a href=\"https:\/\/twitter.com\/mikemcglone11\/status\/60053249\" target=\"_blank\" data-wpel-link=\"exclude\" rel=\"follow noopener noreferrer nofollow\">recently made<\/a> the assertion that Bitcoin has a <a href=\"https:\/\/uniquehot.com\/2019\/12\/21\/bloomberg-analyst-bitcoin-more-likely-hit-10000-than-fall-30\/\">higher likelihood of surging 40% to $10,000<\/a> than falling by 30% to $5,000 in 2020, arguing that BTC is entering a consolidating bull market phase, marked by a tightening in moving averages. McGlone looked to two trends: 1) gold&#8217;s strength should aid Bitcoin, and 2) growing cryptocurrency adoption coupled with the Bitcoin halving should drive prices higher by simple supply-demand economics.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/uniquehot.com\/2019\/12\/21\/halving-priced-bitcoins-trajectory-bullish-2020\/\">Halving Priced In or Not, Bitcoin\u2019s Trajectory Bullish for 2020: Exec<\/a><\/h6>\n<p>There&#8217;s also Dave the Wave, the trader that called the move to the $6,000s months ago. Dave <a href=\"https:\/\/uniquehot.com\/2019\/12\/21\/analyst-called-bitcoin-crash-6000s-price-rebound\/\">remarked<\/a> that he expects Bitcoin\u2019s one-week Moving Average Convergence Divergence (MACD) indicator to turn upward, which will kick off the next round of growth in the BTC market.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/uniquehot.com\/2019\/12\/21\/crypto-market-long-term-trend-positive-binance-ceo\/\">Crypto Market\u2019s Long-Term Trend is Positive: Binance CEO Explain Why<\/a><\/h6>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Since trading as low as $6,400 this week, Bitcoin (BTC) has seen a strong price recovery, surging as high as $7,300 late last week as bulls managed to defend key levels. In other words, the leading cryptocurrency jumped by nearly $1,000 from the multi-month bottom, making some believe that bulls are back. A top analyst, however, has asserted that Bitcoin remains in a clear downtrend, meaning that this latest jump is just a relief rally, not a full-fledged reversal. Related Reading: Lightning Works: Bitcoin Podcaster Finds Restaurant Shunning Banks for BTC Bitcoin Still Caught in Downtrend Josh Rager, a popular cryptocurrency trader, recently noted that it is far too soon to be bullish after the $1,000 move earlier this week. Rager looked to the fact that BTC is still stuck below a trend line formed after October&#8217;s infamous China pump, adding that unless it breaks this level and the $8,000 resistance, a reversal rally will end abruptly. https:\/\/twitter.com\/Josh_Rager\/status\/40950273 Rager&#8217;s sentiment that Bitcoin remains in a downtrend has been corroborated by other top traders. Disk jockey-turned-crypto trader Scott \u201cThe Wolf of All Streets\u201d Melker recently reminded his followers to \u201ctread lightly,\u201d asserting that investors shouldn\u2019t get too caught up in the fact that Bitcoin bounced 10% from the local low. Melker noted that two\u00a0bearish\u00a0divergences have formed between the BTC\u2019s price and the Relative Strength Index (RSI), which largely show that the latest price recovery was \u201cmore like relief than reversal,\u201d implying that a continuation to the downside has a decent opportunity of playing out. Related Reading: Crypto Tidbits: Bitcoin Returns to $7,200, Ripple Bags $200M Cheque, Tron CEO Donates to Greta Thunberg Bull Case Building While Rager believes that Bitcoin remains in a downtrend, there are signs that a bull case is building. Mike McGlone, the senior commodities strategist for\u00a0Bloomberg Intelligence,\u00a0recently made the assertion that Bitcoin has a higher likelihood of surging 40% to $10,000 than falling by 30% to $5,000 in 2020, arguing that BTC is entering a consolidating bull market phase, marked by a tightening in moving averages. McGlone looked to two trends: 1) gold&#8217;s strength should aid Bitcoin, and 2) growing cryptocurrency adoption coupled with the Bitcoin halving should drive prices higher by simple supply-demand economics. Related Reading: Halving Priced In or Not, Bitcoin\u2019s Trajectory Bullish for 2020: Exec There&#8217;s also Dave the Wave, the trader that called the move to the $6,000s months ago. Dave remarked that he expects Bitcoin\u2019s one-week Moving Average Convergence Divergence (MACD) indicator to turn upward, which will kick off the next round of growth in the BTC market. Related Reading: Crypto Market\u2019s Long-Term Trend is Positive: Binance CEO Explain Why Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":405346,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[166,428,25050,3504],"class_list":["post-408258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analysis-2","tag-bitcoin","tag-josh-rager","tag-price"],"acf":[],"yoast_head":"\n<title>Why a Top Analyst Thinks Bitcoin Remains Bearish Despite $1,000 Jump<\/title>\n<meta name=\"description\" content=\"Since trading as low as $6,400 this week, Bitcoin (BTC) has seen a strong price recovery, surging as high as $7,300 late last week as bulls managed to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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