It was expected that the cryptocurrency market would have a calmer end to the year, after what’s been a bonfire of a November and December.
The highest profile cryptocurrency, Bitcoin, has seen its price plummet to just north of $3500 over the past month or two, a long way down from it’s near $20,000 peak of last December.
Bitcoin has had quite a journey in the last 45 days. On November 13th, its value was over $6,300. Only one day later, and a day before BCH hard fork, the entire market crashed, and Bitcoin started dropping. Before long, the coin was at its new bottom, with its value being only $3,200. The coin basically lost half of its value, and it struggled to grow ever since.
Mark Dow, a trader who shorted Bitcoin (BTC) from its all-time high at $19,500 to $3,500, said that the dominant cryptocurrency could be in trouble if it does not escape the $5,000 to $6,000 range in the short-term.
In a tweet seemingly poking fun at crypto’s zealous bulls, Dow wrote that he would be saying goodbye to his Bitcoin (BTC) short, which he purportedly opened during the asset’s peak in late-2017.
Furthermore, he’s got a stark warning for those continuing to follow the idea of HODLing.
Dow added that if BTC breaks below $3,200, a long-term line of support as stipulated in the chart below, “even HODELers need to GTFO,” likely accentuating the importance of this line of support.
Although some traders expressed a positive sentiment towards the short-term trend of Bitcoin as the Bitcoin price surged to $4,300 on Christmas Eve, most analysts in the cryptocurrency space are in agreement that cryptocurrencies are still in a bear market.