Following almost ten days of constant outstanding performance, Bitcoin has finally come face to face with a decline in worth when it fell from the record five thousand mark ($5,450) to the lowest value of $4,950 within a few hours.
As this ten percent decrease caught the attention of many in the crypto space, leaving other astounded, analysts took this opportunity to suggest investors to stay vigilant. As suggested by Financial Survivalism, the time has come to pay attention to BTC because now is the time to make or break.
The Hyperwave Theory predicted the collapse of Bitcoin in the short term but huge success to come to it in the long run. Survivalism is a staunch supporter of this theory and tweeted recently that traders must mark the current status of Bitcoin at $4,600 because if it were to exceed that value and gain the golden cross, that could be the end of the bear market.
Traders are expecting a positive outcome as BTC has still not succumbed. However, technical analysts suggest the golden cross may not work into play anytime soon or not at all.
According to Bloomberg, digital currencies are wildly overpriced, and the Relative Strength of Bitcoin indicates that it has reached the limits in the overpriced territory.
Trading shots, a TradingView analyst explained that Bitcoin’s one-day Relative Strength stayed above eighty-three over the past two years, but later it saw a decline of about thirty percent. The current condition is pretty similar and indicates many red flags.