Analyst: Bitcoin’s Rise Chance Higher Than Fall Chance

Due to the price movements recorded after the brutal collapse on March 12, investor sentiment in Bitcoin was almost destroyed. By contrast, a cryptocurrency analyst made a bold prediction, arguing that the largest cryptocurrency is more likely to decrease in the short and long term than it would fall.

Bitcoin Technically in Taurus

CJ, the cryptocurrency analyst on Twitter, shared together that Bitcoin is more likely to go up than it is down. The analyst noted that the cryptocurrency has started trading above the low pivot point line and the rising support line, and the price is starting to recover below the critical resistance at $ 5,800.

Few things to consider as a move progresses. What are the bullish / bearish technicals? May help position you better before you pull the trigger i.e. start losing bullish points and well, maybe don’t long. I am leaning bullish here, as per the points at the moment. pic.twitter.com/ccmslzcl2p

– CJ (@IrnCrypt) March 14, 2020

Another analyst is a bull in Bitcoin. The highly popular cryptocurrency analyst FilbFilb drew attention to three things to explain why Bitcoin could leap higher; that the formation of Adam and Havva formation began to form on the short-term chart, the funding rate in BitMEX supports the uptrend and the purchase order wall on the offer side of the order book has started to rise again.

Black Swan Theory in Bitcoin

Although both analysts consider Bitcoin going up, there are some risks that could undermine the rise of orange money.

Ross Middleton, who is the head of the financial affairs of the cryptocurrency exchange DeversiFi, stated that institutional investors who took positions in Bitcoin have left their positions by selling BTCs because of the weakness in the traditional markets:

Investors withdraw money from Bitcoin to finance margin calls in other asset classes. Perhaps they think there will be better short-term opportunities to re-enter long asset classes in the near future.

Raoul Pal, former manager of Goldman Sachs and CEO of Real Vision, said the main reason for the decline might be related to the fact that managers had to liquidate the positions of long-held hedge funds in Bitcoin, as managers must keep their portfolios at a certain level of risk.

It feels like any hedge fund that was long bitcoin is having to liquidate. VAR takes no prisoners. (For those new to VAR it is the measure of risk in a portfolio and is connected to volatility, so as vol goes up of all assets, they have to reduce risk). $ BTC the #Bitco

– Raoul Pal (@RaoulGMI) March 9, 2020

In summary, both names are of the opinion that if the volatility in traditional markets continues, investors will sell their BTC whatever they are to minimize their portfolio risks and may experience more losses.