Analysts Flip Bearish On Bitcoin (BTC), Expect Collapse To $4,200

Save for yesterday’s price action, the movement in the value of Bitcoin throughout April has been rather bullish, leading analysts across the board to claim that cryptocurrencies are finally entering their next bull run. However, once yesterday’s news regarding Tether and Bitfinex came to light, resulting in a rapid 10% drop from $5,550 to $4,950 in BTC, analysts have begun to assert that a move lower may be likely.

Popular analyst Nick Cote explained that Bitcoin’s three-day chart has seen a bearish engulfing candle, BTC broke under its “range trend line,” and the Stoch Relative Strength Index (RSI) reading has begun trending lower, signifying that bulls are losing grip on the market. Cote did not mention a specific Bitcoin prediction, but he did quip “make your bull case, I’m listening,” done in an evident attempt to quash optimists’ hope.

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