It has been a tough week for the Bitcoin investors and in future it might get worse, according to Renaissance Macro Research. In fact, the head of the technical research of the firm, Jeff deGraaf, said, “Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even ‘game‐over’. We are of course referencing Bitcoin as exhibit ‘A’ in today’s market.”
According to CNBC report, Jeff deGraaf, said that he would recommend betting against Bitcoin if the digital assets falls below its key year-to-date support level. Moreover, the prediction comes from one of the most well-known chart technicians on Wall Street, over the last two decades.
“Parabolic moves are notoriously dangerous for short‐sellers … Usually a top develops that often appears as a descending triangle over months, with reduced volatility and little [fanfare],” deGraaf said in a note to clients Thursday.
For 10 years, deGraaf has been ranked as the top technical analyst by Investor Magazine. In 2014, he was also inducted into the Institutional Investor’s Research Hall of Fame.
Bitcoin (BTC) Price
The prediction by Wall Street’s finest analysts comes at a time when, over the past week, BTC price has gone down by almost 14 percent. After the U.S. Securities and Exchange Commission delayed the decision on a proposed bitcoin exchange-traded fund, it fell by about 6 percent on Wednesday. This year, so far, BTC is down about 50 percent, according to Coinbase data.
However, earlier this week, Pantera Capital CEO Dan Morehead asked investors to “stop overreacting” to the SEC’s delayed response to the bitcoin ETF proposal, CCN reported.
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