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Not all forecasts were positive
Market participants diverged
Many paid attention to the HODL strategy
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Against the background of a poor start to the working five-day period with digital assets, members of the crypto community decided to study the prospects for the further movement of the coin rate. BeInCrypto editorial team has collected investor forecasts.
Bitcoin (BTC) started the week with a slight fall after breaking the $ 11K level over the weekend. At the same time, the complexity of mining a digital asset has updated the maximum. Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More exchange Uniswap (UNI), which riveted the attention of the crypto community by its rapid entry into the top 30 leaders in capitalization a day after its launch, also entered a correction.
The team of the popular digital asset exchange Binance invited the readers of their microblog to analyze at what stage the Bitcoin exchange rate is. To do this, representatives of the trading platform published a map of asset cycles proposed by Wall Street analysts, which reflects the psychology of the market..
In December 2017, BTC reached historic highs – the market was in “euphoria” (a period when most market participants do not doubt the further growth of the asset). Then a long period of fall in the rate of the coin began, which was followed by a local maximum in the summer of 2019 (presumably also “euphoria”). Many investors agreed that Bitcoin’s breakout of the $ 12K level in August can also be seen as another peak..
The current position of the exchange rate – “complacency” – can be characterized as a period of disbelief that the asset growth has ended. At this height, many investors perceive the correction not as the beginning of a general negative trend, but as a period for a respite, after which, in their opinion, the coin’s movement to new highs will follow..
Right there pic.twitter.com/t7gSlSYu64
– To the Moon (@ Silic0iN) September 20, 2020
According to the logic of market cycles, if investors are right, a long correction awaits ahead of the cryptocurrency, followed by a sideways movement.
Estimated “euphoria” points on the bitcoin chart. Source: TradingView
A survey by analyst Willie Wu showed that most members of the crypto community allocate bitcoin only half of their portfolio.
What is the correct exposure to BTC in your investment portfolio?
– Willy Woo (@woonomic) September 20, 2020
A popular analyst blogging under the nickname DonAlt added fuel to the fire. He drew attention to the fact that the purchase of a large batch of bitcoins by MicroStrategy did not lead to an increase in the rate of the coin. The lack of a positive reaction from bitcoin, in his opinion, looks suspicious and speaks not in favor of cryptocurrency.
One thing that’s been bugging me is that Micro Strategy bought $ 425 mil and price really didn’t go up much.
I’d honestly expect price to do anything but randomly drop / chop sideways after an event like that.
– DonAlt (@CryptoDonAlt) September 20, 2020
At the moment, according to investors, the coin rate is near a strong resistance level. To continue the growth of BTC, you need to overcome the bar.
This Altcoin Will Make HUGE GAINS SOON! (Uniswap Price Prediction 2021)
Resistances being resistances.
Called lambo dealer, told them to wait for a few days as I need to make up my mind on the colors – im just waiting for a pump for down payment. $ BTC pic.twitter.com/TocKhXe33u
– yTedd (@TeddyCleps) September 21, 2020
Otherwise, according to many members of the crypto community, the coin runs the risk of falling.
4h closed bearish, but expecting some relief here. Let’s see what we get. pic.twitter.com/GPMwlD5zQX
– George (@ George1Trader) September 20, 2020
At the same time, despite the current depreciation of the cryptocurrency, its profitability indicator is still in the green zone.
$ BTC #Bitcoin Returns Year-to-date pic.twitter.com/TUGayHAZEr
– ₿itDealer (@Bitdealer_) September 21, 2020
Amid pressure on Bitcoin, renowned cryptographer Adam Back, believed by some to be the creator of BTC, has spoken out in support of the digital asset.
“I am not selling the bitcoins that I have mined over the past few years. The best economic strategy is to mine and store, “he wrote in his microblog, obviously hinting at the prospects for further growth in the value of the cryptocurrency..
I didn’t sell the Bitcoin I miner last few years. Better economics to mine and hodl.
– Adam Back (@ adam3us) September 20, 2020
Uniswap (Uni) token predictions
Also, members of the crypto community did not pass by the Uni token, recently released by the Uniswap decentralized exchange. Users believe that the correction, after the asset reaches a local maximum, will again be followed by the coin’s growth.
$ uni ok send it to 6.2 now pic.twitter.com/gDQ32GT3IL
– Trader ZomB (@crypto_zombiee) September 21, 2020
Crypto trader Michaël, in turn, noted that at the moment it is difficult to make predictions for cryptocurrency. He explained his point of view by the fact that the Uni rate had not yet formed a trend. The trader drew attention to the fact that each local maximum of the coin is lower than the previous one. If the asset does not receive the support of investors at the level of $ 4.65-4.90, the token, in his opinion, risks falling to $ 3.40-3.70.
$ UNI #UNISWAP
The trend is south since the 19th as $ UNI is making lower highs and lower lows.
I’d want to see a clear bottoming structure and / or trend reversal, before interested.
Current area to hold: $ 4.65-4.90.
If that holds, $ 5.60 might be tested.
Otherwise $ 3.40-3.70. pic.twitter.com/gTKhBXdV3j
– Michaël van de Poppe (@CryptoMichNL) September 21, 2020
Find out what experts think about the Uni token from our material.
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