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

Azeez Mustapha

Updated:

UNLOCK DAILY FOREX SIGNALS

Select a Plan

£40

 1-month subscription

Select

£30

 3-month subscription

Select

£21.5

 6-month subscription

Select

£399

 lifetime subscription

Select

£50

 Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Checkmark

Service for copy trading.

Checkmark

High profitable signals.

Checkmark

24/7 cryptocurrency trading.

Checkmark

10 minute setup with significant benefits.

Checkmark

79% Success rate.

Checkmark

Up to 40 trades per month.

Checkmark

Monthly subscriptions begin at £58.

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.

BTCUSD – Daily Chart

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.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *