The cryptocurrency market has faced a lot of turmoil of recent. Bitcoin, among many other top cryptocurrencies, has made little to no gains whatsoever. However, members of the crypto space are hopeful that major cryptocurrencies are about to see a breakout in price soon.
Among such is Dan Tapiero, founder of DTAP Capital. In a recent tweet, Mr. Tapiero shared his thoughts about bitcoin with the rest of the crypto community. In a chart he shared, he believes that bitcoin is about to see a strong breakout to the upside.
Bitcoin chart is very close to upside breakup. Strong close over 10,700 trendline should really accelerate. pic.twitter.com/2BWHjEVxa0
— Dan Tapiero (@DTAPCAP) September 16, 2019
The Yays and Nays
Just like any other financial analysts, Dan Tapiero’s analysis hasn’t gone unnoticed. Some applauded his brilliance while others criticized his view.
Out of those who commented, a user by the handle @ZtCedric seemed to have a contrary view to that of Mr. Tapiero. In his opinion, he believes Tapiero’s chart resembles a descending triangle, targeting the $6K mark.
Level Headed Trading, @lvlheadtrading, however, had a different opinion. Though slightly agreeing with Dan Tapiero, however, says there should be no anticipation for a bullish move till bitcoin closes above the $11,771 mark on the weekly chart.
As it wasn’t just all criticisms, @BitcoinSagan is one of those who agrees with Mr. Tapiero’s analysis. However, he believes this depends on one crucial metric; that is if the current strength is maintained or strengthened. This, he believes, would drive bitcoin to higher heights.
Bitcoin which traded higher; around the $10,400 mark in the early hours of today has lost significantly. The crypto asset lost about $200 within a few minutes.
Bitcoin claims about 70% of market share, with a market capitalization of over $183 billion.