Bitcoin's Headed For $2,000

There is absolutely nothing bullish about bitcoin’s current chart setup. Despite the collapse from $20,000 to under $4,000, bitcoin has traded sideways for months as it has worked off its oversold position. Bitcoin continues to consolidate below the declining channel and looks set to shortly resume its decline. Odds now favour a drop towards $2,000 before potentially finding a more meaningful low. I am bullish on the long term prospects for cryptocurrencies and am researching a number of exciting new technologies in this sector. However, there is still too much optimism and far far too many ‘alt-coins’ still in existence. Many need to go to zero before the clean-out can finally end.

 
 

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