{"id":123084,"date":"2020-01-15T19:00:52","date_gmt":"2020-01-15T19:00:52","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=123084"},"modified":"2020-01-16T16:10:23","modified_gmt":"2020-01-16T16:10:23","slug":"there-is-a-bearish-case-for-bitcoin-despite-the-recent-rally","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/there-is-a-bearish-case-for-bitcoin-despite-the-recent-rally\/","title":{"rendered":"There is a bearish case for Bitcoin despite the recent rally"},"content":{"rendered":"<p>Different technical analysts in the crypto community maintain that the recent rally could have triggered a <a href=\"https:\/\/cryptoslate.com\/analysts-explain-why-bitcoin-is-ready-to-enter-a-bull-market-again\/\">new Bitcoin bull market<\/a>. However, others believe that the flagship cryptocurrency is bound for a retracement that could wipe out the gains made over the last few weeks.<\/p>\n<h2>A new bull run on the horizon<\/h2>\n<p>Bitcoin went through a rally that saw its price rise by nearly 30 percent since Jan. 3. The bullish impulse allowed it to close above <a href=\"https:\/\/cryptoslate.com\/bitcoin-just-cracked-8500-and-it-means-bulls-are-taking-control\/\">the $8,500 resistance level<\/a> and turn it into support. Breaking through this <a href=\"https:\/\/cryptoslate.com\/bitcoin-blasts-through-key-resistance-as-analyst-eye-potentially-major-upside\/\">significant price barrier<\/a> was seen by some of the most prominent analysts in the industry as a sign that the pioneer cryptocurrency was bound for a further advance.<\/p>\n<p>Mohit Sorout, a partner at Bitazu Capital, <a href=\"https:\/\/twitter.com\/singhsoro\/status\/1216945258291818496\">pointed out<\/a> that this price hurdle constrained Bitcoin\u2019s price action for the past seven months. Now that the $8,500 level is serving as support, Sorout argues that a new uptrend is emerging.<\/p>\n<figure id=\"attachment_123085\" aria-describedby=\"caption-attachment-123085\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-123085 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/singhsoro_tweet_1216945258291818496-1024x576.jpg\" alt=\"Mohit Sorout says Bitcoin is beginning a new trend\" width=\"1024\" height=\"576\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/singhsoro_tweet_1216945258291818496-1024x576.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/singhsoro_tweet_1216945258291818496-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/singhsoro_tweet_1216945258291818496-768x432.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/singhsoro_tweet_1216945258291818496-1536x864.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/singhsoro_tweet_1216945258291818496.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-123085\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/twitter.com\/singhsoro\/status\/1216945258291818496\">Twitter<\/a><\/figcaption><\/figure>\n<p>Along the same lines, Sawcruhteez, a financial analyst and swing trader, <a href=\"https:\/\/twitter.com\/Sawcruhteez\/status\/1215780071656521734\">said<\/a> that Bitcoin could have entered a new bull run. The 14.64 percent upswing that took BTC up from a low of $7,360 to a high of $8,440 last week <a href=\"https:\/\/cryptoslate.com\/bitcoin-bull-run-may-have-started-last-week-based-on-this-technical-index\/\">flipped the parabolic stop and reverse<\/a>, or \u201cSAR,\u201d from bearish to bullish.<\/p>\n<p>This is the first time since March 2019 that this technical index turns positive, which could signal higher highs for the pioneer cryptocurrency, according to Sawcruhteez.<\/p>\n<figure id=\"attachment_123086\" aria-describedby=\"caption-attachment-123086\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-123086 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Sawcruhteez_tweet_1215780071656521734-1024x576.jpg\" alt=\"Sawcruhteez says Bitcoin entered a bull run\" width=\"1024\" height=\"576\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Sawcruhteez_tweet_1215780071656521734-1024x576.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Sawcruhteez_tweet_1215780071656521734-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Sawcruhteez_tweet_1215780071656521734-768x432.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Sawcruhteez_tweet_1215780071656521734-1536x864.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/Sawcruhteez_tweet_1215780071656521734.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-123086\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/twitter.com\/Sawcruhteez\/status\/1215780071656521734\">Twitter<\/a><\/figcaption><\/figure>\n<p>Despite the bullish perspective from these analysts, others argue that the bull market has not started yet.<\/p>\n<h2>The infamous dead cat bounce<\/h2>\n<p>TraderX0X0 <a href=\"https:\/\/twitter.com\/TraderX0X0\/status\/1216072670367965189?s=20\">claims<\/a> that the $8,500 level represents a massive supply zone, and breaking through it will not be as easy as it seems. The chartist considers this area to provide an excellent opportunity to short Bitcoin. He expects an increase in the selling pressure behind BTC that takes it down to around $7,800.<\/p>\n<figure id=\"attachment_123087\" aria-describedby=\"caption-attachment-123087\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-123087 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/TraderX0X0_tweet_1216072670367965189-1024x576.jpg\" alt=\"TraderX0X0 says Bitcoin could plunge\" width=\"1024\" height=\"576\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/TraderX0X0_tweet_1216072670367965189-1024x576.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/TraderX0X0_tweet_1216072670367965189-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/TraderX0X0_tweet_1216072670367965189-768x432.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/TraderX0X0_tweet_1216072670367965189-1536x864.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/TraderX0X0_tweet_1216072670367965189.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-123087\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/twitter.com\/TraderX0X0\/status\/1216072670367965189?s=20\">Twitter<\/a><\/figcaption><\/figure>\n<p>Like TraderX0X0, the founder and CEO of LVL Chris Slaughter <a href=\"https:\/\/twitter.com\/nebraskangooner\/status\/1210682701998698503\">anticipates<\/a> a downturn in the market. He believes that Bitcoin is completing a fractal, which oversaw the rise to the current price levels. Now, Slaughter suggests that BTC could slowly \u201cbleed to new lows.\u201d<\/p>\n<figure id=\"attachment_123088\" aria-describedby=\"caption-attachment-123088\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-123088 size-large\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/nebraskangooner_tweet_1210682701998698503-1024x576.jpg\" alt=\"Chris Slaughter says Bitcoin is going to new lows\" width=\"1024\" height=\"576\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/nebraskangooner_tweet_1210682701998698503-1024x576.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/nebraskangooner_tweet_1210682701998698503-300x169.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/nebraskangooner_tweet_1210682701998698503-768x432.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/nebraskangooner_tweet_1210682701998698503-1536x864.jpg 1536w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/01\/nebraskangooner_tweet_1210682701998698503.jpg 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption id=\"caption-attachment-123088\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/twitter.com\/nebraskangooner\/status\/1210682701998698503\">Twitter<\/a><\/figcaption><\/figure>\n<p>The ambiguity about Bitcoin\u2019s future has the overall market sentiment in a \u201cneutral\u201d stage, according to the <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">Crypto Fear and Greed Index<\/a>. Time will tell whether the flagship cryptocurrency will be able to break through the <a href=\"https:\/\/cryptoslate.com\/this-key-resistance-level-could-spark-a-massive-bitcoin-selloff\/\">next level of resistance<\/a> that sits around $9,000. Such a bullish impulse would likely invalidate the pessimist outlook. Nevertheless, a spike in the selling pressure behind BTC could push its price downwards.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Different technical analysts in the crypto community maintain that the recent rally could have triggered a new Bitcoin bull market. However, others believe that the flagship cryptocurrency is bound for a retracement that could wipe out the gains made over the last few weeks. A new bull run on the horizon Bitcoin went through a [&hellip;]<\/p>\n","protected":false},"author":148,"featured_media":121217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,15323],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>There is a bearish case for Bitcoin despite the recent rally<\/title>\n<meta name=\"description\" content=\"Bitcoin could be bound for a retracement that wipes out the gains made over the last few weeks, according to several technical analysts.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/there-is-a-bearish-case-for-bitcoin-despite-the-recent-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"There is a bearish case for Bitcoin despite the recent rally\" \/>\n<meta property=\"og:description\" content=\"Bitcoin could be bound for a retracement that wipes out the gains made over the last few weeks, according to several technical analysts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/there-is-a-bearish-case-for-bitcoin-despite-the-recent-rally\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-15T19:00:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-16T16:10:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/12\/bitcoin-bear-trend.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ali Martinez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ali Martinez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/there-is-a-bearish-case-for-bitcoin-despite-the-recent-rally\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/there-is-a-bearish-case-for-bitcoin-despite-the-recent-rally\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#person\",\"name\":\"Ali Martinez\",\"url\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/ali-martinez\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/victor-charles-profile-e1555981456737-300x300.jpg\",\"caption\":\"Ali Martinez\"},\"jobTitle\":\"Analyst\",\"description\":\"Ali came across Bitcoin\u2019s whitepaper in 2014. 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