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Still a day slightly in the red to Bitcoin (BTC), which trade at 9 285 USD today, 20 June 2020, at the time of writing this article. It may be time to predict the consequences on the long term, of a breakdown of the major supports in the short term for Bitcoin. Bitcoin has been given a new status – may be unexpected : that of a fiat.
Bitcoin to 7 000 USD : still bullish ?
Bitcoin is closer to 9 000 USD. The slight decline of the last few days is accompanied by a decrease in the volume of BTC exchangés on the market, and a market that is more unstable in the short term.
Historically, the 9 000 USD have been a valuable support to Bitcoin. During the summer of 2019, the bull run of the BTC took it to the level of 14 000 USD, before falling back down to the level of 9 000 USD.
The area of 9, 000 USD – 9 USD 300 has already been the subject of many tests, some of which have been successful, others have resulted in a rupture.
The main resistances that prevent Bitcoin attack of new highs, are at the level of 10 $ 100 – 10 500 USD. If Bitcoin managed to break this resistance, its price could rise to 1 000 USD the highest.
But, before tackling these resistors are 5-digit, Bitcoin must maintain above 9 200 USD, to try to break the resistance at the level of 9 600 USD. It is consolidating itself sufficiently above this area that Bitcoin can hope finally to attack the 10 000 USD.
If the major support at the level of 9 000 USD – 9 300 USD gave way, Bitcoin could drop up to level 8 – $ 250 – 8 500 USD. A test of 9 100 USD to start rising and causing a failure, would confirm a risk of a fall to much lower levels.
Bitcoin could fall back up to support import important, that at the level of 7, 500 USD, that has not yet been tested so far.
But despite such a fall, Bitcoin would remain bullish on the long-term, and a decrease in important in the short term, should be viewed as a buying opportunity.
The new friend of Peter
Peter Schiff has issued a tweet yesterday, where he says he shared the opinion of the U.s. Federal Reserve (FED), which categorizes Bitcoin as a fiat, trading just differently – Schiff would he have finally found the perfect companion for form the perfect duo of detractors Bitcoin ?
For Schiffonly gold has real value and when investors have lost confidence in fiats and in Bitcointhey will return to gold.
The Fed gets #Bitcoin right. It categorizes it with fiat, in contrast to #gold that has real value. It sees nothing new in Bitcoin, just in the way it’s exchanged. As confidence in both traditional and crypto fiat is lost, savers will return to gold. https://t.co/mm2Soxyw8g
— Peter Schiff (@PeterSchiff) June 19, 2020
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Bitcoin has a good back : he would remain in the green area on the medium and long term, despite a fall of USD 1 500 to 2 000 USD, compared to its current price. The short term remains uncertain, the long term offers more of a guarantee of security. Bitcoin is a fiat, in any case for the FED and for Schiff : why not ? After all, Bitcoin has in fact many facets, that we discover gradually, over time.
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Litecoin, welcome in the Silver Age
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