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Experts Weigh in on Bitcoin’s Bottom Drive Towards $3,100

Market Slump Returns Bitcoin To 5k Support, But All Is Not Lost

Bitcoin

Experts Weigh in on Bitcoin’s Bottom Drive Towards $3,100

  • Bitcoin goes below $7500
  • Analyst says BTC just recovering
  • Crypto expert says sell, hard pullback underway

The cryptocurrency market saw a surprising growth in the last 6 weeks with Bitcoin moving from $3,100 to $8,400. After reaching what appears to be 2019’s all-time high, it seems Bitcoin is retracing its steps and it has drastically fallen below $7500 within a very short time.

Yesterday, Bitcoin touched $8,320 and closed the day around $7,884. At the time of writing, Bitcoin is however changing hands at $7,323 with a 24hr price decrease of 8%.

As it is now, crypto observers are wondering if it is possible for Bitcoin to return to $3,100 or even go below.

Bitcoin Just Recovering Except it Goes Below $6,200

Although crypto lovers are scared of the sudden pullback witnessed in less than 48 hours. Vinny Lingham, the CEO and founder of Civic, who once maintained that the bottom is not over unless Bitcoin stayed above $6,200 for 24 to 48 hours has aired another stance on the present and future rally of Bitcoin.

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The crypto expert said Bitcoin is at present in a recovery phase since the $3,100 bottom. He said, except Bitcoin falls below $6,200 support level, the present dips are buying opportunities. Vinny noted that there will be network congestions and fees hurting if Bitcoin moves so quickly to $20k.

Bitcoin’s Sudden Growth Unjustifiable, Sell Your HODL or Wait for Hard Pullback before Buying

Respected cryptocurrency analyst Tone Vays has suggested that bitcoin lovers sell their HODL positions because there would be a very hard pullback.

His reasons are that there are no justifications for the unprecedented bull run that pushed Bitcoin above $8,000.

Speaking during a fireside chat with Block TV at Consensus 2019, Vays said the recent bull run could be likened to that of 2016.

He said when touched $8,400, he was nervous because new buyers were not coming in and there is no tangible reason for the loving price rise.

Vays said:

Everything going on here just doesn’t feel right. I don’t know what’s going on. I don’t see new buyers coming in. everybody I asked does not really known what’s going. I Don’t see new buyers coming in, I don’t see new money coming in. It is just current money. It could be issues of Bitfinex, issue of Tether, issue of Binance.”

Vays said he’s even selling off some of his HODL position because there will be hard correction. However, the cryptocurrency expert did not mention if Bitcoin will touch $3,100.

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Do you see Bitcoin going below $3,100?

This is not a financial advice. It is written for informational purpose only. Do necessary findings before venturing into cryptocurrency. Cryptos are volatile.

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Olayode grows businesses and develop ideas! He has made meaningful guest contributions to Huffington Post, Oracle Times, The Independent Republic and a host of other tech platforms.He's a blockchain enthusiast, with love for international politics.

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