The crypto industry doesn’t look so good this year. It maybe the onset of the coronavirus outbreak that’s eating out the economy or it may be some other reasons. Whatever it may be, the prices of the crypto assets are sliding lower, and they may slid further lowers according to the experts.
A strong sell signal was observed this week after the prices fell, and it fell from 7,470 to $6,800. One of the popular crypto traders from Its Crypto News pointed out that Bitcoin will continue down this path of lower graph. It is on the verge of reaching its absolute low.
Most of the Bitcoin reserves are disappearing or are being transferred because of the lousy market. The recent growth graph indicated a “strong sell signal” in a death cross.
Tom Demark Sequential (TD Sequential) is the one to do this prediction. It printed a red 2 candle underneath yesterday’s red 1 candle, in the graph. While some may think the prediction may not be accurate it has worked well for predicting Bitcoin trends in the past few months.
Moreover the indicator has been alarmingly accurate for Bitcoin since 2018. So, to take the prediction lightly isn’t wise. In its prediction last year, there were 9 candles that TC bottomed at $6,400 in December 2019.
And in its accurate prediction on February this year, the prices reached a high of $10,500 in February earlier this year. Bitcoin analysts were confident that the slight hiccups in the market were bearable.
But the longer the situation continues it will be hard for Bitcoin to recover. If the global markets seem to continue with the trend, and suffer this year’s end price target may remain $20,000.