Mark Dow, an ex-IMF economist that is known for shorting the BTC value from its all-time peak in late 2017 to less than 3,750 USD.
Reflecting on Thrusday’s decline from over 4,000 USD to under 3,600 USD, Dow stated that the dominant digital currency’s tech signs were not looking good.
Dow’s viewpoint regarding the world’s most dominant cryptocurrency is peculiar, given that he maintains a certain amount of agnosticism when it comes to the long-term fundamental value of BTC as an asset, at the same time admitting that he does not know much about BTC apart from the fact that it is very tradeable.
Per Dow, the recent pullback put BTC in a dangerous proximity of reaching the level at which even the bullish cryptotraders should better get the hell out.
On Coinbase cryptoexchange, for example, the BTC value slid to the levels of 3,560 USD, just 10 dollars over the Dow’s escape hatch. However, the value quickly managed to scramble back over the 3,600 USD level, providing the cryptotraders with some space to breathe. In the event that the said support line will not hold, Dow cautions that the cryptomarket might witness another abrupt decline as it keeps on looking for a bottom in panic.
Still, other tech analysts have a different standpoint while interpreting the trading charts.
Mati Greenspan, a senior market analyst at eToro, a renowned crypto bull, stated that the movement was, in fact, non-substantial, seeing how BTC managed to remain within the range at which it has been trading since the middle of November 2018.
Despite the fact that the price movement has most probably taken the majority of financiers by surprise, Greenspan suggested that importance of the current price activity is not to be overstated.