Bitcoin Critics Rejoice After BTC Sheds More Than $20 Billion in Valuation

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Bitcoin recorded a strong downwards move on Saturday, which led the cryptocurrency to erase about $2,000 from the month’s high of $10,079. This decline was largely due to a selloff triggered by the 5-digit level ($10,000). However, Bitcoin has since recovered some of the loss.

The selloff roused Bitcoin critics who had been quieted all along by Bitcoin’s recent bullish streak. Bitcoin has numerous critics, and two of the most outspoken ones have seized this bearish move as an opportunity to make more assertions and claims. One of the critics, Economist Nouriel Roubini, claims that Bitcoin’s recent drop shows that it is heavily manipulated by whale investors and that it is a “total scam.” The second critic, Peter Schiff, echoed the same sentiment as Roubini adding that the decline was as a result of investors liquidating their holdings as the halving buildup fades.

However, these critics are ignoring one crucial detail which is that Bitcoin is still regarded as one of the best-performing assets in 2020, leading gold with about 7% and the S&P 500 with about 30%. Also, Bitcoin’s fundamental and technical standing indicates that it is likely to dominate this year heavily.

Bitcoin (BTC) Value Forecast — May 11

BTC/USD Major Bias: Bullish

Supply Levels: $9,000, $9,500, and $10,000

Demand Levels: $8,200, $8,000, and $7,500

At press time, BTC is trading at the $8,800 resistance level. A strong bullish momentum above this level could send it to the $9,000 and $9,500 resistance in one fell swoop. On the hourly chart, a clear inverse head and shoulders pattern has emerged with the $9,000 serving as the key resistance.

Failure to stay above this resistance level could send BTC further in a downward spiral.

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