After a Bear Market Relapse Day, Bitcoin Price Bounces Back Bullish to $8,250 BTC/USD
Investors who had missed out on buying Bitcoin at under $7,000 levels were really hoping for the top crypto to fall more, but that was not meant to be. Bitcoin has again surged towards $8,200. Here you can see the real-time price of BTC in USD and all market cap data:
Bitcoin’s price is $50,273.36 BTC/USD exchange rate today. The real-time BTC market cap of $937.39 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $15.71 Billion and live coin value change of BTC 1.44 in the last 24 hours.
Live Bitcoin (BTC) Price:
1 BTC/USD =$50,273.3559 change ~ 1.44%
Bitcoin’s value was slashed by approximately $21 billion, with the BTC price currently holding above the $7,000 threshold. The declines were traced back to a mega sell order on Bitstamp exchange, either creating an opportunity for investors who missed the previous run or providing a warning before the other shoe drops.
A Quick Look at Current Bitcoin Price Charts
CNBC Gets It Wrong Again?
Last year BitcoinExchangeGuide had reported about trader Jacob Canfield, who has developed a Bitcoin indicator that uses CNBC tweets to predict prices. In Canfield’s Bitcoin indicator, a barrage of bullish CNBC tweets released during peak prices shows that the media outlet’s publicized sentiment may actually be contradictory to Bitcoin price action. At the top of the price chart, Canfield writes, “CNBC is the perfect contraindicator.”
It seems like CNBC is back at predicting crypto markets wrong again. Panelists at CNBC believed that the price of Bitcoin could drop down to mid-$6,000. Anthony Grisanti of GRZ Energy explained that technicals show that we could be close to a pullback.
About it, Grisanti revealed:
“We had rallied above [key resistance] but then failed on two different occasions. [Bitcoin] has doubled in the last five months so I would expect a bit of a pullback, and on the downside, there’s a very interesting gap there, from $6,870 to $6,4250.”
Bitcoin bounce back
$BTC – 1 Hour Chart
Bitcoin certainly looks to be pumping, now over previous resistance
Price is near $8000 & looks to be heading toward the $8200 1D resistance (might consolidate prior)
A close above $8200 on the daily/weekly would be very bullish and would target $9600+ pic.twitter.com/8S1qmjR56e
— Josh Rager 📈 (@Josh_Rager) May 19, 2019
Mati Greenspan believes that the most popular digital currency will be experiencing a new parabolic run. He explained that the bear market that the digital currency experienced in 2018 was just one of these cycles. On the matter, he explained:
“We’re just part of a larger cycle. Bitcoin has gone through several cycles before these massive bull runs, we’re talking about 10,000 to 50,000 percent gains within a short period of time and then it has these massive retracements.”
In general, every rally after a large crash or correction tends to be very positive and even larger than the previous one. After a large price drop, Bitcoin then grows even at faster rates and reaches new highs. The infrastructure this year is different than in 2017 and this is expected to help the market reach new price levels.
$BTC Correction: 5 Possible Correction Waves to Watch
With the bullish run of Bitcoin’s (BTC) since the beginning of May this year, BTC investors and traders wonder ‘what next? ’ for this digital asset.
BTC corrections in the past should (if history repeats itself) be a sign of what is to come. With this in mind, traders should expect 5 minor BTC correction waves in the near future.
‘Wave One’ Could Last For About 2 Weeks
Between November 2013 and January 2015 was the last time BTC had a significant correction before recent years.
This very long BTC correction lasted for 411 days and brought about an 87% retrace in the price of Bitcoin (BTC).
The most recent correction, between 2018 and early 2019, interestingly, is quite similar to the 2013/2015 correction. After that phase, the price of Bitcoin rose slowly but constantly in a bullish run till it passed $2,700 on the 10th of May, 2017.
After early May 2017, when the price of Bitcoin hit about $2,760.1, ‘wave one’ began. Another BTC price decline of about 34% occurred in a span of just about 16 days.
Although the current BTC drop was not as high, the Bitcoin price decline might not be over yet. If this current BTC correction continues for another two weeks or so like in 2017, the world's largest digital currency might face some more difficulties.
This being wave one of five, and has lasted barely 72 hours at the moment, BTC still has a lot to go through before reaching a new high price.
‘Wave Two’ Could Be Violent But Brief
Bitcoin (BTC) had quite a rough time in May of 2017. Although BTC price was still on the rise at the time, the previous drop just resulted in a higher value before the BTC market dip again. By the 21st of May 2017, BTC witnessed another 33% drop.
Now, based on the BTC events of May 2017, it is evident that the current trend may have similar price fluctuations in the coming weeks. The Bitcoin market, being a highly volatile market, and based on past periods, tends to reach new heights after each drop.
It will be quite interesting to see whether or not similar correction will happen this year.
‘Wave three’ tests the support levels of ‘wave two’
Bitcoin rose significantly by 33% between end of May and early June 2017, with a new all time high of about $2,980 on the 12th of June 2017.
BTC, however, witnessed another huge drop of 39% between June 12th and July 16th of that year. This was at the time BTC’s all time low, which made BTC traders and investors quite uneasy. If the events of May-July 2017 repeats itself, there is no telling where this will end.
‘Wave Four’ Could Have The Highest Percentage Decline
Although waves one through three had large percentage drops, ‘wave four’ could have the highest percentage drop but also be the wave that is the most profitable to BTC traders and investors.
In 2017, the two week long drop in BTC price resulted in about 40% drop in its value, at this point most people speculated that it was the end of the Bitcoin market.
But the Bitcoin market being a very volatile but also resilient market, bounced back within a span of just about 18 days and reached a new all time high.
‘Wave Five’ Could Be The Most Profitable
The fifth correction wave could be the most profitable for BTC traders and technically oriented investors. The previous BTC correction had a 30% drop in value, but took less than a week to reach a new all time high.
During this correction, the price of Bitcoin fluctuated between $7,888 and $5,555, which enabled traders to make a lot of money simple by buying and selling BTC over and over again.
Time will tell if these past BTC events will happen again.