Bitcoin closed today with a decline, as the negative atmosphere in the cryptocurrency industry continued and the German government and whales sold large amounts of BTC. While BTC fell to $ 56,800 in this downward trend, new evaluations came from analysts.
Analysts' Warnings
Stating that the current outlook for Bitcoin and the general market has reached critical levels, analysts warned investors about further declines. Experienced analyst Peter Brandt stated that Bitcoin is at a critical level and the decline may be prolonged. Brandt said that a bear flag formation, which is an important downward formation for Bitcoin, has formed and predicted that if this formation works, there may be a further decline.
Peter Schiff's Evaluation
Peter Schiff, known as a Bitcoin hater, stated that if BTC loses the critical support level, the price will fall sharply. Schiff pointed to the 200-day SMA as the level that analysts pay attention to. Although Schiff's statements are just a prediction, the overall market trend remains weak. The fact that the RSI shows that Bitcoin is approaching the oversold zone with a ratio of 30.8 is considered as a possible short-term recovery signal.
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