The Bitcoin (BTC) price may soon resume its downward trajectory despite mounting technical robustness, an analyst has claimed.
‘Ripe To Resume Lower Prices’
Bloomberg Intelligence analyst Mike McGlone identified diminishing daily returns this month, suggesting an imminent continuation of Bitcoin’s bear market.
Bitcoin (BTC) had buoyed investors in February, with average daily gains approaching 0.6 percent. In March, however, this figure has so far dipped to just over 0.2 percent.
“The entire industry is ripe to resume a path to lower prices,” Bloomberg quotes McGlone as saying in a recent report. Should the trend continue, he concluded, Bitcoin markets could see a repeat of behavior from late 2018.
In mid-November, when altcoin Bitcoin Cash underwent a contentious hard fork, the Bitcoin price fell considerably — losing almost half its then $6500 value. “Conditions are akin to November, just prior to the collapse,” said McGlone. “Prices are consolidating within narrowing ranges, with a few sharp…