Why the Market Slump Has Not Damaged Confidence In Bitcoin

Following a fantastic week for Bitcoin, which peaked at around $8,300, the inevitable market slump has happened.  Analysts have attributed this to large sell orders placed on Bitstamp. But despite the loss of momentum, the sentiment remains bullish, which goes to show that confidence in Bitcoin is as strong as it has ever been.

The Market Slump Was Expected

Friday saw red across the market, with only a handful of top 100 cryptos being able to stave the pullback. The price of Bitcoin fell 8% to $7,300, with Ethereum closely mirroring this, falling 7% to $240.

However, today’s blip has not shaken investor confidence. And if anything, was an expected happening. Founder of Onchain Capital, Ran NeuNer, a prominent analyst in the space, had previously announced the start of the bull market. But yesterday, before the pullback happened, warned of an incoming retracement.

This market it going up too fast… tread carefully.

— Ran NeuNer (@cryptomanran) May 16, 2019

Also, Tone Vays shared his analysis of the Bitcoin market. He predicts a pullback before breaking the $9,000 level. Speaking from Consensus 2019 on Wednesday, he said:

“Now that we’ve broken past 7,500, my next level of resistance is between this dotted line at 9,000, and this blue line, the Fibronacci line, at 9,442. So somewhere in here is the next good selling opportunity. But you want other things to line up. Ideally I want this to happen in three weeks, but it’s happening on a weekly nigh. The last two weeks have been insanely huge, so we can still get a reasonable pullback, and still get into that area.

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