Bitcoin has lost its three-week support as the $7,400 level proved too hard to crack, sending it down to the high $6,800s, undoing last week’s gains at a stroke. As a result, Bitcoin has completed a pattern we have seen plenty of times, colloquially known as the Bart, the most recent of which came towards the end of last month and resulted in an eventual higher Bitcoin price.
Bitcoin Uncertainty Ends in Drop
Bitcoin’s downward move comes after multiple knocks on the door or $7,400, all of which were rejected, leaving it having to stop a while and catch its breath before it can try again:
Bitcoin’s 72-hour ranging left many uncomfortable, with very few caring to make bold predictions either way:
Flip a coin on $BTC direction
Resistance around 7800
Support around 6800 pic.twitter.com/UYmgxG6Le0
— //Bitcoin ?ack ? (@BTC_JackSparrow) April 9, 2020
Others however were more confident, and more importantly accurate, in their predictions:
— Arda Sisman (@Ardasisman10) April 9, 2020
What we can be sure of however, is that Bart is back, something that those who were around in the summer of 2018 will remember all too well:
Entire Market Follows Bitcoin Down
Bitcoin’s drop affected the entire market, with only WAVES and SXP bucking the trend and turning green. Two of the biggest losers were BSV and BCH, who experienced sharp drops in price on the back of their first halvings, but 99% of the market followed Bitcoin’s lead. As we suggested yesterday, Bitcoin had the potential to ruin many promising alt setups, which it did, and with Bitcoin still in uncertain mood, alts certainly do not look attractive right now.
Plenty of Time to Accumulate Alts
We may see small passages of alt relief when Bitcoin stagnates as it did for much of this week, but the global markets are still having an impact on investments, which has a knock on effect on Bitcoin, which in turn has a knock on effect on alts.
As we posted earlier in the week, it is our belief that Bitcoin still has some 8-12 weeks before the next bull run truly begins, meaning there is plenty of time to accumulate your alts of choice before things really start to move