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Tuur Demeester of Adamant Capital has just taken to Twitter to calm down Bitcoin enthusiasts who might have been swayed by incredibly bearish sentiment on crypto Twitter.
Bitcoin recently dropped to $6,800, its lowest level since early May. However, Demeester apparently sees this as yet another opportunity to buy the dip. He states that top coin’s parabolic uptrend that started at the beginning of 2015 hasn’t been violated. However, Bitcoin has tapped support for the first time since March when Bitcoin was trading well below $4,000.
— Tuur Demeester (@TuurDemeester) November 22, 2019
Shortly after printing a huge red candle on the logarithmic chart, the Bitcoin price spiked by 20 percent on Apr. 2, which started the coin’s massive run to $13,700.
As of now, BTC is down by nearly 50 percent from its yearly high, but this might not be the end of the nightmare for Bitcoin bulls. According to trading exert Josh Rager, the crypto king could plunge below the $7,000 level again after a fakeout to the $7,500 range.
$BTC – out of a position right now and waiting on a good entry to, dare I say, short Bitcoin down to the $6ks
Looking for at least $7400-$7500s (price could possibly hit slightly higher)
Price doesn’t reverse down to $7k again just to move right back up, this might take a while pic.twitter.com/NIcyjVf6to
— Josh Rager 📈 (@Josh_Rager) November 22, 2019
Gold bug Peter Schiff recently predicted that BTC could collapse to $10,000 level after competing the head-and-shoulders pattern.
At the time of writing, BTC is sitting $7,313, CoinStats data shows.