Bitcoin (BTC) Analysts Split but Indicators Pointing at “Buy”


Bitcoin prices stable above $5,000Tyler Jenks of Lucid Investments thinks prices will drop towards $4,200 and even $1,000Fundstrat’s Bitcoin Misery Index is at around three-year-highs meaning investors are loosening their money purses. Whether that will spur demand, driving Bitcoin (BTC) prices above $6,000 will largely depend on how prices react at $4,800 and $5,500.Bitcoin Price AnalysisFundamentalsIn a space brimming with FUD, scares, and hype, traders ought to be pragmatic and level-headed to avoid liquidating an undervalued asset at a discount. First, we should note that Bitcoin prices reached highs of $5,500 a few hours after news of NDRC proposing of banning Bitcoin and crypto mining activities.As absurd as it is, a section did fall for this scare, taking their profits minutes before the slide. Presently, what we have is a retest of $5,000, and after two weeks of solid marching, Bitcoin buyers now face some headwinds, but this is normal considering the double-digit gains of the last few days.Technically, a correction was in waiting and should we mesh that with Fundstrat’s Bitcoin Misery Index printing 89, last seen in June 2016, then it is clear that prices were ripe for a retracement as BTC is re-valued before the next leg