{"id":232908,"date":"2021-04-22T02:58:00","date_gmt":"2021-04-21T23:58:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-bears-are-stalking-crypto-prices-heres-how-low-they-could-go\/"},"modified":"2021-04-22T02:58:00","modified_gmt":"2021-04-21T23:58:00","slug":"bitcoin-bears-are-stalking-crypto-prices-heres-how-low-they-could-go","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-bears-are-stalking-crypto-prices-heres-how-low-they-could-go\/","title":{"rendered":"#\n  Bitcoin bears are stalking crypto prices \u2014 here\u2019s how low they could go"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bbfcee6e32\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bbfcee6e32\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-bears-are-stalking-crypto-prices-heres-how-low-they-could-go\/#Mark_DeCambre\" >Mark DeCambre<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#<br \/>\n  Bitcoin bears are stalking crypto prices \u2014 here\u2019s how low they could go<br \/>\n<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div class=\"cx--next\">\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000240187\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Bitcoin is setting up for a near-term downturn that could see it shed a good chunk of its recent gains, even if the longer-term outlook <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears healthy for the world\u2019s No. 1 crypto. <\/p>\n<p> That\u2019s the view of a number of analysts after bitcoin prices<br \/>\n        BTCUSD,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/31322028\/realtime\" class=\"negative\">-1.37%<\/bg-quote><br \/>\n       breached a key technical level following the exuberance for digital assets in the wake of Coinbase Global\u2019s<br \/>\n        COIN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/225893452\/composite\" class=\"negative\">-2.77%<\/bg-quote><br \/>\n       listing on the Nasdaq last week.  <\/p>\n<div class=\"paywall\">\n       Bitcoin was off 1.8% late-morning Wednesday in New York, changing hands at around $56,000 on CoinDesk. That puts the crypto about 14% below its all-time peak at $64,829.14. <\/p>\n<p>On Tuesday, researchers at Bespoke Investment Group noted that Tuesday marked bitcoin\u2019s first time, in a 24-hour period, in which it fell below its 50-day moving average since at least 2014, after recording 193 straight days of prints above that level. Bitcoin was first created back in 2008-09. <\/p>\n<p>Market technicians use moving averages as barometers of bullish and bearish trends in an asset. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:51.328125%;\" data-mobile-ratio=\"51.328125%\" data-layout-ratio=\"51.328125%\" data-subtype=\"\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-328055?width=140&amp;size=1.948249619482496 140w,\nhttps:\/\/images.mktw.net\/im-328055?width=540&amp;size=1.948249619482496 540w,\nhttps:\/\/images.mktw.net\/im-328055?width=620&amp;size=1.948249619482496 620w,\nhttps:\/\/images.mktw.net\/im-328055?width=700&amp;size=1.948249619482496 700w,\nhttps:\/\/images.mktw.net\/im-328055?width=860&amp;size=1.948249619482496 860w,\nhttps:\/\/images.mktw.net\/im-328055?width=1260&amp;size=1.948249619482496 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-328055?width=620&amp;size=1.948249619482496\" data-enlarge=\"https:\/\/images.mktw.net\/im-328055?width=1260&amp;size=1.948249619482496\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\"><span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            Bespoke Investment Group<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<p>       Pankaj Balani, CEO of Delta Exchange, in emailed comments, said that bitcoin has managed to hold above its 50-day moving average in recent trade but warned that a sustained breach of the short-term price could lead to a slide to around $40,000. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetDynamic\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetDynamic\n            article__inset--inline\n  \"><\/p>\n<div class=\"dynamic-inset-container article__inset__dynamic\">\n<div id=\"chart_be66a41de021545e1b1f1077\"><\/div>\n<p><script>\n(function () {\n  function createChart() {\n    var CHART_ENGINE_NAME = 'CustomDataChart_MARKETWATCH_0_8_60';\n    var definitions = {};\n    function loadScript(src) {\n      var script = document.createElement('script');\n      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'chartlos',\n        chartId: 'be66a41de021545e1b1f1077',\n        chartVersion: '0_8_60',\n        chartProduct: 'MARKETWATCH',\n        articleId: articleId ? articleId.getAttribute('content') : '',\n        articleType: metaType ? metaType.getAttribute('content') : '',\n        articleSection: metaType ? metaSection.getAttribute('content') : '',\n        pageSource: pageSource ? pageSource.getAttribute('content') : ''\n      }\n      window.NREUM.addPageAction(\n        'chartlos:' + action,\n        data\n      );\n    }\n  }\n  if (document.readyState === 'complete') {\n    createChart();\n  } else {\n    window.addEventListener('load', createChart, false);\n  }\n})();\n<\/script><\/div>\n<\/p><\/div>\n<p>       The \u201c50 DMA has been a crucial support for\u00a0Bitcoin\u00a0since October last year and it has held this support every time in this rally. This time around however, we see\u00a0Bitcoin\u2019s momentum fizzling out and BTC struggling to hold this support,\u201d Balani explained.<\/p>\n<p>The Bespoke researchers noted that bitcoin tends to see declines, in the one-week, one-month, three-month periods, after upward trends lasting at least 100 days are snapped. <\/p>\n<p>\u201cOne week later, [bitcoin] was down all four times for a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n decline of 4.6% and declines all four times. One and three months later, performance was even worse with median declines of 6.5% and 13.4%, respectively,\u201d the report read. \u00a0\u00a0<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:36.25%;\" data-mobile-ratio=\"36.25%\" data-layout-ratio=\"36.25%\" data-subtype=\"\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-328064?width=140&amp;size=2.7586206896551726 140w,\nhttps:\/\/images.mktw.net\/im-328064?width=540&amp;size=2.7586206896551726 540w,\nhttps:\/\/images.mktw.net\/im-328064?width=620&amp;size=2.7586206896551726 620w,\nhttps:\/\/images.mktw.net\/im-328064?width=700&amp;size=2.7586206896551726 700w,\nhttps:\/\/images.mktw.net\/im-328064?width=860&amp;size=2.7586206896551726 860w,\nhttps:\/\/images.mktw.net\/im-328064?width=1260&amp;size=2.7586206896551726 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-328064?width=620&amp;size=2.7586206896551726\" data-enlarge=\"https:\/\/images.mktw.net\/im-328064?width=1260&amp;size=2.7586206896551726\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\"><span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            Bespoke Investment Group<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Researchers at JPMorgan Chase &amp; Co.<br \/>\n        JPM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205971034\/composite\" class=\"positive\">+0.85%<\/bg-quote><span>,<\/span><br \/>\n       including Nikolaos Panigirtzoglou, wrote in a Tuesday report that waning momentum for bitcoin could spell a spiral lower for the volatile asset. The analysts said a failure to retake $60,000 could be the trigger for a sharp drop. <\/p>\n<p>The JPMorgan strategist point to bearish trends in bitcoin futures markets<br \/>\n        BTC.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211755589\/delayed\" class=\"negative\">-2.16%<\/bg-quote><span>,<\/span><br \/>\n       where institutional and professional investors go to hedge their exposures to the crypto.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        renoImageFormat-\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:70.546875%;\" data-mobile-ratio=\"70.546875%\" data-layout-ratio=\"70.546875%\" data-subtype=\"\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-328075?width=140&amp;size=1.41749723145072 140w,\nhttps:\/\/images.mktw.net\/im-328075?width=540&amp;size=1.41749723145072 540w,\nhttps:\/\/images.mktw.net\/im-328075?width=620&amp;size=1.41749723145072 620w,\nhttps:\/\/images.mktw.net\/im-328075?width=700&amp;size=1.41749723145072 700w,\nhttps:\/\/images.mktw.net\/im-328075?width=860&amp;size=1.41749723145072 860w,\nhttps:\/\/images.mktw.net\/im-328075?width=1260&amp;size=1.41749723145072 1260w\" sizes=\"(max-width: 140px) 100px,\n(max-width: 540px) 500px,\n(max-width: 620px) 580px,\n(max-width: 700px) 660px,\n(max-width: 860px) 820px,\n1260px\" src=\"https:\/\/images.mktw.net\/im-328075?width=620&amp;size=1.41749723145072\" data-enlarge=\"https:\/\/images.mktw.net\/im-328075?width=1260&amp;size=1.41749723145072\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\"><span class=\"wsj-article-credit article__inset__image__caption__credit\" itemprop=\"creator\"><br \/>\n            JPMorgan&#8217;s Figure 9 bitcoin chart<br \/>\n          <\/span><br \/>\n  <\/figcaption><\/figure>\n<\/div>\n<p>       Referring to the attached chart, JPMorgan says that the four episodes of greater than a 10% decline in their futures position proxy, including the one over the past few days, have been attributed to an inability to trend higher. <\/p>\n<p>\u201cSimilar to the previous three episodes, it is likely that momentum traders, such as [commodity trading advisors] and crypto funds, were at least partly behind the buildup of long bitcoin futures in recent weeks and thus also likely behind the unwinding over the past few days,\u201d JPMorgan concluded.<\/p>\n<p>\u201cIf the bitcoin price fails to break out above $60,000 soon, the momentum signals shown in Figure 9 will naturally decay from here for several months, given their still elevated level,\u201d the analysts wrote.<\/p>\n<p>JPMorgan researchers aren\u2019t 100% sure that this time bitcoin will follow a decline with a strong snap back higher as was seen in November and in mid-February. Notably, the analysts say that flows into bitcoin have been tepid and the downturn appears to be gathering steam. <\/p>\n<p>So far this year bitcoin prices have been buoyant, up 94% year to date. By comparison, gold<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.10%<\/bg-quote><span>,<\/span><br \/>\n       which is seen as a rival to bitcoin, is down 5.5% in 2021. The  Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"positive\">+0.93%<\/bg-quote><br \/>\n       and the S&amp;P 500 index<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+0.93%<\/bg-quote><br \/>\n       are both up around 11% in the year to date. <\/p>\n<p>\u00a0<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Mark DeCambre\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Mark_DeCambre\"><\/span>Mark DeCambre<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B21005575-02D4-D4B5-4572-D3AA3B24BDC6%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin bears are stalking crypto prices \u2014 here\u2019s how low they could go &#8221; Bitcoin is setting up for a near-term downturn that could see it shed a good chunk of its recent gains, even if the longer-term outlook appears healthy for the world\u2019s No. 1 crypto. That\u2019s the view of a number of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":232909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-232908","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/232908","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=232908"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/232908\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/232909"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=232908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=232908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=232908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}