It could be “Game Over” for bitcoin,” says Wall Street Analyst
Jeff deGraff, founder, and chairman of an independent advisory firm, Renaissance Macro Research has given a warning to his clients that Bitcoin may be “permanently impaired” if it goes further below this year’s support.
The price of Bitcoin may never come back to its all-time highs if this year’s lows are broken as per Jeff de Graaf.
Jeff deGraff is Chartered Financial Analyst (CFA) and has two decades of experience of with technical analysis.
Along with this advice which I would rather call a warning, DeGraff also advises to short-sell the old cryptocurrency assuming that the last few days’ trends are extended.
The nite states,
“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], […] Once the top is complete on the support violation, the security in question can often be considered permanently impaired or even ‘game‐over’ “
The alarming words, “game over” refers to the trend of panic selling that is most likely to occur if the support is broken.
Let’s have a look at the weekly chart:
We can say that falling below the crucial year-to-date support level means falling below $5775.
From the statements of Jeff deGraff, it is quite clear that bitcoin might not be simply going through brief bear run.
Last month, Bitcoin’s price hit $8300 and investors did not get a long period to rejoice as shortly afterward, the coin began a bearish run and dipped below $7,000.