Claims of BTC in Full Bear Market
As the BTC/USD prices change, most participants in the market perceive different conclusions concerning the general BTC performance. According to Alex Kruger, the current perception that the bitcoin illustrates a bullish market was completely wrong, concerning its ability to maintain a declining value under $6,400. This followed the perceived decrease in bitcoin prices under $6,800 and focused on receiving assistance at values between $6,500 to $6,200.
Expressions by Kruger show his insight towards the halving events of BTC, and he strongly opposed the renowned prevalent models in price prediction that was inclusive of the Stock-to-flow forecast preserving a foreseen maximum value as a result of the halving event. His expressions on December 17 illustrated a reduction in cryptocurrency mining rewards, following the decline in BTC price in prior months.
Comments on BTC Performance
Following the intraday trading decline of BTC after a poor performance in 2018, the bitcoin value was estimated at $6,430 and later declined further by $300. Kruger tweeted and commented on the level value, clearly elaborating that the digital currency will eventually lose its grip on the level, fostered by a strong bearish viewpoint. His comments reflected that the $6,400 value was “the first key level and got strongly defeated.”
In his own words, Kruger exclaimed, “Contrary to what cheerleaders want people to believe, the halving is not supposed to make longs rich. I bet cheerleaders making the predictions do not even know what econometrics means.”
Scott Melker also expounded on the $6,400 level stating that it tarmacked the way for new bullish investor opportunities, also indulging in various indicators that showed the bullish market. These indicators were inclusive of the Bullish Divergence. The appearance of bullish divergence can be expressed in the establishment of a trend that does not agree with literary movements in price, using the technical indicators.
200-Day Moving Average
Considering the latest corrections of the Bitcoin prices, the 200-Day Moving Average losses indicated the determination of a bear or bull market by most investors and traders. The correction on November 8 displayed the decrease from $9,200 to about $8,650, which was fostered by the largest known Bitcoin surges that influenced a curious shift in the sentiments.
This caused a reason for shifting greed to fear that was as a result of previous data over the years in prior market cycles such as from 2016 towards December 2017. Historical data of the BTC market had never dropped below the 200-Day MA indicator, thus raising curious concerns.