Things look bad for Bitcoin as of now if you look at the last few days. After all, it’s hard to rest easy after a sudden drop of over $1,200 in a single day. Bitcoin even touched $7,800 briefly as a result of the cascading losses. However, one notable cryptocurrency analyst says not to worry — we are still good on the macro level.

According to Crypto Michael (@CryptoMichNL), a cryptocurrency analyst well-known on crypto-Twitter, the descending triangle that Bitcoin was moving in broke down — a break which was likely amplified by institutional investors pushing the price down further just one day after Bakkt’s release.

BTC is currently resting on the 200 MA Daily according to Michael. He claims that Bitcoin is “still uptrending” and we have “a nice potential accumulation” from here.

$BTC #BITCOIN

Summary;

CME gap filled.
Descending triangle breakdown.
Resting on 200 MA Daily -> has to hold.

Macrowise structure broken?
No, still uptrending. Could give a nice potential accumulation phase too from here. pic.twitter.com/5W8JH20yvj

— Michaël van de Poppe (@CryptoMichNL) September 25, 2019

Others, however, seemed to disagree and call Michael a ‘perma-bull.’ Some analysts are claiming that the recent Bitcoin breakdown was the rejection of a 4-month consolidation period. Could this just be the new lower high before a greater collapse?

hahah you’re a real permabull right? How can you say the structure is not broken? We just broke down of a 4 month consolidation period, will make a lower high and dropped -40% from the top

— Martin (@martinhuis) September 25, 2019

Regardless, the situation for Bitcoin seems murky now and it’s unclear whether this current support level will hold.

So-called ‘institutional investors’ in Bakkt seemed to be content with the price collapse though. As the exchange’s volume grows by the day, it seems that these investors are not the market-makers which will bring Bitcoin to new highs as everyone expected. Moreover, the double-digit losses caused BTC to briefly drop as low as $1,800 on some more illiquid markets.

All eyes are on Bitcoin now as altcoins continue to post new lows in USD as the battering for the rest of the market seems to have no end in sight.

Do you believe Bitcoin will hold onto this support? Has it hit its local bottom already? Let us know your thoughts below in the comments.

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