In a sequence of two tweets, professional trader and financial consultant @captainscio used the long-term view of Bitcoin in order to allude that this downtrend could go on for an extended period of time.
Captianscio correctly pointed out that Bitcoin is trading below the 200-day moving average (MA), which has been historically significant in identifying whether the price is in an uptrend or downtrend.
The full tweets are given below:
And the weekly. This could get really ugly and could go a lot longer than expected. A Double Dip Bear Market? pic.twitter.com/asdJZqIzuX
— Joe Moss: Modified Dow Theory Signals (@CaptainScio) September 30, 2019
Bitcoin’s 200-Day Moving Average
The first time Bitcoin dropped below the 200-day MA was on February 2, 2018, and it was the first sign of the downtrend that lasted until December 15 of the same year.


Weekly Moving Averages
However, even if we only stick with moving averages, the longer-term weekly MAs give a different outlook on the current Bitcoin price movement.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. Images are courtesy of Shutterstock, TradingView.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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