{"id":197181,"date":"2018-11-27T15:00:50","date_gmt":"2018-11-27T20:00:50","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/analyst-claims-bitcoin-to-test-2970-is-likely-in-the-short-term\/197181"},"modified":"2021-07-29T11:21:59","modified_gmt":"2021-07-29T15:21:59","slug":"analyst-claims-bitcoin-to-test-2970-is-likely-in-the-short-term","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/analyst-claims-bitcoin-to-test-2970-is-likely-in-the-short-term","title":{"rendered":"Analyst Claims Bitcoin to Test $2,970 is Likely in the Short-Term"},"content":{"rendered":"

 <\/p>\n

The cryptocurrency markets have held steady today and have given investors a welcome reprieve from what seems like a constant downturn, with the overall markets trading sideways after experiencing nearly two weeks of consistent price plunges.<\/p>\n

At the time of writing, Bitcoin is trading down 1.1% at its current price of $3,730, trading<\/a> choppily over the past 24-hours between a range of approximately $3,640 and $3,800. Bitcoin is currently trading down 43% from its one-month highs of $6,600, and one analyst believes that another short-term downwards move is imminent.<\/p>\n

While speaking to MarketWatch<\/a>\u00a0about the short-term future of the market, Nick Cawley, a markets analyst at Daily FX, said a move to $2,970 is very likely, which could result in a temporary bounce.<\/p>\n

\u201cAfter dropping in excess of 40% in the last two weeks, with very little news to drive the move, Bitcoin is trying to build a base around the $3,500 \u2013 $3,700 level in the last three days. While the longer-term chart setup remains negative, with a test of $2,970 likely\u2014in the short-term the charts are showing the cryptocurrency heavily in oversold territory, which may produce a relief bounce higher,\u201d he explained, citing the RSI index.<\/p><\/blockquote>\n

Related Reading:<\/strong> Winter Cometh: Bitcoin to Equal Four Year Record Dropping Four Months in a Row<\/a><\/em><\/p>\n

Bitcoin Could Sit Under $5,000 for a While<\/strong><\/h2>\n

As Bitcoin rests near its 2018 lows, some analysts are predicting that it could be\u00a0months longer<\/a>\u00a0before the markets see Bitcoin\u2019s price<\/a> rise above $5,000.<\/p>\n

Vinny Lingham, the CEO of blockchain-based identity service, Civic, recently told<\/a>\u00a0CNBC that a crypto winter is coming, during which time the cryptocurrency markets will likely be trapped at their relatively low prices.<\/p>\n

\u201cI think it stays in the range between $3,000 to $5,000 at least for three to six months. I don\u2019t think we break through the support level of $3,000 just yet. I think there is a lot of buying in the short-term around that mark. If we don\u2019t get out of the crypto bear market cycle in the next three or six months, the $3,000 level could go,\u201d Lingham explained.<\/p><\/blockquote>\n

Altcoins Stable Near 2018 Lows<\/strong><\/h2>\n

Many altcoins are currently sitting just off of their recently-set 2018 lows, with major altcoins staying tied to the price movements of Bitcoin.<\/p>\n

At the time of writing, XRP is trading down 2% at its current price of $0.35 and is trading down 36% from its one-month highs of approximately $0.55. Despite trading down significantly over the past month, XRP has outperformed Bitcoin and has solidified its lead over ETH as the number two cryptocurrency by market<\/a> cap.<\/p>\n

Ethereum<\/a> has had a rough time over the past month, and many attribute this to the amount of initial coin offering (ICO) projects that are selling off their ETH<\/a>\u00a0holdings in order to better secure their finances. At the time of writing, ETH is trading down just over 2% at its current price of $106 and is slightly off if its 2018 low of just under $100.<\/p>\n

It is unclear whether or not investors are ready to adhere to the old adage of buying while there is blood in the streets, or if further losses are in fact necessary in order for investors to jump back into the markets.<\/p>\n

Featured image from Shutterstock.<\/pre>\n
 <\/p>\n
The post Analyst Claims Bitcoin to Test $2,970 is Likely in the Short-Term<\/a> appeared first on NewsBTC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"
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