BEARISH TREND OVERCOMES $7800 SUPPORT LEVEL by E. Okorie, 23rd of October, 2019
The prevailing bearish trend overcame the the $7800 support level today to the dismay of bitcoin lovers. Bitcoin has been ranging from $8216 to $7800 over the week and has gotten some tremendous recovery along the $7800 support level which was a key support level for bitcoin to bounce back to the $10000 level. However the bulls failed to reclaim the $8463 level to complete a bullish reversal pattern. This forced price to drop low down to $7219.
This outcome has made the bearish trend a major trend to contend with despite other forecast. From all indications, there is currently no limit to which the bearish trend would last. It is likely to find the $7000 support level before the month is over.
A codent reason why the $7800 support level got broken may be as a result of Google’s quantum breakthrough.This may have given Bitcoin investors a cold feet. On Oct. 23, Google published theit findings in quantum supremacy experiment. The experiment involves “Sycamore” — a 54-qubit processor with quantum logic gates — took 200 seconds to sample one instance of a quantum circuit a million times. In contrast, IBM’s supercomputer Summit, which is purportedly the most powerful computer to date, would run such a calculation for 10,000 years. This undoubtedly would have a huge impact if applied to the "proof of work" in bitcoin mining. We hope this wouldn't be a bitcoin bubble waiting to explode.
Nevertheless, the bullish market shouldn't be written off in this setbacks because there is always a light at every end of the tunnel.