Instead of Going Up, Bitcoin Can Even Go Down Again

On Wednesday, the Upbit cryptocurrency broker lost $ 50 million worth of Ethereum (ETH), stolen by hackers. ETH prices immediately fell 2% due to selling pressure. Strangely, the price of Bitcoin actually improved.

Contrary to this fear, Bitcoin surged. In fact, after reaching the price of Rp 95 million on Wednesday morning, the digital money rose to Rp 106 million.

Although prices have not gone up yet, many analysts predict there will be a bull trend in the short term, before going down again.

Will the price go up?

Former eToro analyst and founder of Quantum Economics, Mati Greenspan, noted that BTC is on the Neck line in an upside Bullish pattern and Shoulders pattern because prices have entered the short-term Bulls Flag, which has a high possibility of breaking through to strengthen.

That's not all. Stillman analysts note that the price action of Bitcoin over the past few days looks very similar to the history that occurred on December 15, 2018 when Bitcoin was at its lowest price, Rp. 44 million.

If fractals are played in full, Bitcoin can easily skyrocket back to the price range to Rp 112 million at the end of the week, which will mark a 10% jump from the current price point in the range of Rp 101 million.

While there are Bulls signals that allow to bounce to Rp 112 million. However, Bitcoin still sees some Bearish signs.

Will the price go down?

Let's wait and see