- BTC/USD stays above critical $6,400 amid low trading activity.
- Joey Krug from Pantera Capital says the market has bottomed out.
Bitcoin returned in a tight range of the previous week, changing hands at $6,445 as of the time of writing. The digital currency No. 1 is unchanged since this time on Tuesday amid shrinking volatility and decreased trading volumes.
The market has bottomed out
Meanwhile, cryptocurrency experts continue to come up with optimistic long-term forecasts. Thus, co-chief investment officer at Pantera Capital Joey Krug believes that the cryptocurrency market has a potential of ten-fold growth from current levels.
“I think we are close to a bottom at this point. I think that the market is essentially rangebound, waiting for some catalyst to change that pattern,” he said in the interview with Bloomberg.
Mr. Krug sees to major problems of the industry: scalability that slows down transactions processing and expensive fiat-crypto exchange. However, the expert believes that these problems are to be cleared out soon as many companies are engaged in a search for solutions.
Bitcoin’s technical picture
Bitcoin stays above critical $6,400, which is a positive short-term signal. The local support is created by SMA50 (1-hour) at $6,418, which is closely followed by psychological $6,400. This level served as a good support for the better part of the previous week. Once it is cleared, the decline may be extended towards $6,350 handle, strengthened by SMA50 (4-hour) and a long-term sloping trendline that goes from July 25 high.
On the upside, the first resistance is located at $6,484 (SMA200, 4-hour), followed by $6,600-$6,630 congestion zone that stopped the recovery attempts at the beginning of October.
BTC/USD, 4-hour chart
-636753442764294818.png)
Share
